These days, everyone is arguing over on-chain data—whether it's a reversal or just more bubble squeezing.

I'm a bit envious of those who dare to draw conclusions at a glance...
I'm more meticulous and always think that what you see on the "chain" might just be the version provided by a certain node/RPC/indexer.
Nodes sync slowly, RPCs are throttled and acting up, indexers are several hundred blocks behind—your transaction, liquidation, and funding rate screenshots might all be "late."
To put it simply, it's not that the chain isn't real; it's that the window you're viewing might not be real-time.
Anyway, when I encounter extreme rate sentiment situations, I first look at multiple sources, compare them, and then decide whether to act—otherwise, being delayed and following the rhythm can be pretty annoying.