Just now I almost gave in to impulse and opened a perpetual contract again. When I saw the funding rate—so extreme it was like a single needle spike—the group chat erupted: Is it going to reverse, or will it keep squeezing the bubble? Anyway, I’ll pause for now; stopping is more reliable than adding more positions… To be blunt, at a time like this, what people fear most isn’t the price—it’s the smallest wobble on the stablecoin side. Once everyone starts filling in the gaps and speculating about whether the reserves are truly real, panic sets in, and a de-peg can happen even faster than a blow-up. Transparency is something nobody pays attention to in normal times; only when something really goes wrong do people go digging through the reports, and by then it’s already too late. For today, I’ll just stop refreshing the market, take a sip of water, and don’t let yourself become liquidity.