Lately, liquidity has been tight, and the feeling on the market that "no one is buying, prices are sliding down on their own" is quite obvious. When people see a drop, they shout about bottom fishing; I, on the other hand, am thinking about how not to get kicked out with one blow: reduce leverage to a level I can sleep soundly, keep some cash flow in my position, and don't mistake "being able to endure" as a skill. The interpretation of ETF capital flows is also quite popular, tied to risk appetite in the US stock market, sounding very reasonable, but honestly, it's just an amplifier of sentiment—when the wind shifts, everyone runs fast. As for safety, I still stick to my old approach: authorize only what needs to be cleared, review signatures more carefully, and don't rush to confirm... survive first, then the opportunities will come. As for where the bottom is, well, maybe you guys are braver than I am.