Last night before bed, I checked the funding rates, and the extreme ones immediately made it obvious that everyone’s emotions were running hot. To put it plainly, at a time like this I rarely force myself to take the other side; if I win, I only make a bit from the volatility, but if I lose, I’m easily washed back and forth, and my mindset breaks first. Most of the time, I just shrink my position and slap in a ridiculously priced order as a “grab a bargain by the roadside”—it doesn’t get filled, no big deal; I just dodge for a bit.

Recently, I’ve also been seeing new L1/L2 projects roll out incentives to boost TVL. Old users complain about “dig it up and sell it off,” and honestly, it’s pretty similar to extreme funding rates: it’s lively and noisy, but the real retention and the product cadence don’t keep up—then in the end, it’s just a complete mess. I’d rather slow down: watch the team’s next iteration and see whether the on-chain addresses are still actually being used, rather than only looking at a wave of numbers spiking up. Anyway, I’m timid, so that’s how I do it.