I just looked around the group chat, and it’s the same stablecoin story again—people are flying around sharing de-peg screenshots. But I feel that when panic hits, the moves in big whales’ wallets are what are really worth watching; the direction of fund flows is more interesting than what people shout in signal chats.

As for position sizing, it’s really just one sentence: if you’re betting it goes up, you’d better figure out what you’ll do if it drops. Many people can’t hold spot because they don’t feel confident; contract liquidations happen because the ruler is too short. As for me, I watch the chain more than the K-line—before I’ve decided how long I plan to hold, I cut my position down to a level that lets me sleep soundly.

That’s it for now.