Many people watch the candlestick charts and curse, "Why is there another spike," but to be honest, the liquidation often happens because the oracle feed is a half beat slow: on-chain transactions have already changed, but the feed price is still stuck at the previous second, and the risk control system calculates based on the old price. Your margin then appears to be "suddenly insufficient," and you're kicked out. Even more outrageous are some order books with thin liquidity, where delay plus slippage stack up, causing the liquidation price to be blown up into a disaster scene.

Recently, someone linked ETF capital flows, U.S. stock risk appetite, and crypto market rises and falls, sounding grand, but whether your account blows up or not depends more on these details: feed frequency, data sources, circuit breaker logic. Anyway, I now only dare to treat leverage as a fragile asset, and not gamble with my life on the system not crashing.