Just settled an old account—feels a bit painful. The day before yesterday I placed an order. I figured liquidity was still okay so I didn’t check the depth. When it finally filled, the slippage stretched like an ECG. After calculating the actual execution price, I ended up paying an extra 0.3% in cost. Plainly speaking, it was me being too confident in myself: I didn’t time the order flow correctly, and when depth is insufficient, eating the position in batches is actually more stable than making a single buy/sell.

Recently, I’ve been seeing everyone tie ETF fund flows and US stock risk appetite together in their discussions. Me personally, I think on-chain interest rates and that pile of parameters around liquidation lines are more reliable than these narratives. When money goes in and out, the priority is still to control slippage first, then talk.

That’s it—just a reminder to myself for next time: look at the order book one more time, don’t rush to jump in. That’s as far as it goes.