I just checked the funding rate, and it’s starting to drift into extremes again… At times like this, I actually don’t want to be “smart.” Flipping to the opposing side feels great, but when that sharp spike hits, the volatility can rip people’s emotions out by the roots. My habit is: either take a small position and try to stand against the other side—if you’re wrong, admit it; or simply stay away and let it cool down on its own. Recently, everyone has been talking about staking unlocks and token unlock calendars—basically, they’re afraid that, at that moment, sell-off pressure will come crashing down. But when the funding rate is extremely stretched, whether it actually gets hit or not, it can still wash both longs and shorts first. Tonight, I’ll just be a spectator.