These past couple of days, the “looks like there’s still buying and selling, but you’re really one misstep away from getting stepped into empty air” feeling has been way too obvious. Once liquidity dries up, perpetuals are like musical chairs—slippage and liquidation, right after another, in a full chain. Plainly put: survive first, then talk about trying to catch the bottom. I’d rather make a little less now; just add a tiny bit more position. The moment the funding rate gets awkward, I’ll stop and go have a coffee… What I fear most isn’t just losing money, but losing money and still patting myself on the back for stubbornly holding on, until I don’t even have the chips left to turn things around.

Also, I get it when everyone’s flying high discussing modularization and the DA layer—developers are excited like it’s New Year, and users look totally clueless. No matter how hot the narrative is, without liquidity, it’s all useless. Anyway, I’ll wait for the market to catch its breath first—no need to rush to be a hero.