Just scanned a round of on-chain data—liquidity is indeed being pulled out. Some pools are so shallow that they’re about to turn into a “K-line lightning battle.” Meanwhile, extreme values in the funding rate have shown up again to make themselves known. In the community, some people say this is a reversal signal, while others think the bubble still needs to be squeezed a bit more—who knows. Anyway, every time like this, the arguments between those shouting “buy the dip” and those shouting “run for your life” never stop.

My personal take: when liquidity dries up, staying alive matters more than anything. Those large on-chain transfers—some look like institutions repositioning their positions, and others look like they’re probing the waters. No matter what, our retail principal is limited; holding on hard isn’t as good as waiting for the market to drain the water on its own. For now, let’s leave it at that—let the shadow stretch a bit longer before we talk again.