Recently I’ve been watching a few on-chain lending liquidations, and honestly, when you’re three steps away from the red line, a lot of people’s reactions are actually pretty interesting. Either they stubbornly hold on, or they panic and try to top up—but with the on-chain data staring you in the face, the big players’ moves usually come earlier. They rebalance before the red line, rather than waiting for the explosion. Retail users complain about MEV and unfair ordering; I think if you’re the one being liquidated, then yeah, it really feels unfair. But if you keep an eye on these fund flows ahead of time, you can actually see some patterns.