I’ve set a rule for myself: when my borrowed/lent position is only “three steps” away from the liquidation line, don’t put on a calm act anymore. First, put down your phone for two minutes and think it through—am I actually trying to keep holding and “telling stories” with my position, or am I just getting led around by the market? Either way, I won’t add leverage in that moment to gamble on a rebound, and I won’t tell myself, “It’s just a little bit more—so it won’t come.” I’ll either top up some margin to open up some breathing room, or simply reduce the position and admit I’m wrong—keeping bullets matters more than saving face.

Lately, someone else has been tying ETF fund flows, U.S. stock risk appetite, and the ups and downs of the crypto market together and interpreting them as if it were a weather forecast… Hearing that just reminds me even more: stories can be listened to, but don’t test the red line. As for liquidation—plainly speaking, it’s just refusing to give you a chance to explain. That’s all for now.