Someone asked me if it's time to "buy the dip" during liquidity shortages.

I actually want to say: survive first, then talk about buying the dip.
When everyone is squeezing out of the market, the on-chain price isn't about "how expensive" it is, but about feed price delays, thinning depth, a few large trades skewing the oracle, and liquidation chains collapsing like dominoes...
You think you're picking up bargains, but you're actually gambling with time and slippage.
Recently, we've been discussing rate cut expectations, the US dollar index moving in tandem with risk assets, and in essence, when macro sentiment shifts, liquidity first withdraws—don't treat "correlation discussions" as a talisman.
My approach is very simple: keep smaller positions, don't push leverage too hard, focus on the feed price source and update frequency, withdraw when possible, and keep your account in the game.