Just woke up, checked the funding rate, and damn it’s gone extremely wild—so negative it’s ridiculous. At times like this, a lot of people are shouting “the bull market is over,” but honestly, I find it kind of interesting instead. ETF fund flows and U.S. stock risk appetite are being forcibly tied to crypto price movements—seeing this kind of narrative makes me want to laugh a bit. Anyway, I don’t have the ability to place a macro bet based on that.

Personally, I’m more inclined to trade against the crowd rather than hide from volatility. When the funding rate goes this negative, long sentiment is basically broken, so I’ll open a small-size contrarian position (short, but not max leverage), grab a bit of the funding while waiting for sentiment to repair. Of course, that assumes your position is light enough that you won’t care if it hurts—because I’ve had enough lessons from “shitcoin” trading. Now I only trust the simplest rules: don’t chase, and don’t use excessive leverage.

Anyway, the market can do whatever it wants—I’ll just follow my own pace. That’s it for now; I’ll check again tonight.