Borrowing and lending, the thing I fear most is not the decline, but you staring at the dashboard thinking "it's okay," and then a single needle prick leads to liquidation. When you're three steps away from the red line, I usually treat the position as already lost: first reduce leverage / pay down some, don't rely on a final move to cover the margin. Gas fees, slippage, settlement time are all factored in, or else you think you can save it, but in reality, you're stuck on the way.

Recently, someone used ETF capital flow and U.S. stock risk appetite to explain crypto price movements... sounds reasonable, but when it comes to the on-chain liquidation line, market sentiment isn't to blame; only you are responsible. Forget it, to put it plainly: don't wait for "just a little more," act when you see early warnings, better to pay a bit more than to sleep soundly.