When the funding rate hits an extreme, the group starts arguing: should we force a counterparty? I usually don’t pretend; I first see if I can withstand that wave of “reverse long positions moving for two more hours and I’ll explode.” To be honest, if you can’t hold, don’t pretend to be strong—hiding is also a win. If I really want to take the other side, I’ll only take a small chunk; after all, even with attractive rates, it’s not free. When emotions run high, the market teaches people how to behave the most.

Recently, the pledge unlocks and token unlock calendar keep being brought up again and again, everyone’s worried about selling pressure. I think being worried is normal, but don’t treat the “calendar” as a switch—many times, extreme rates themselves are an emotional indicator: who’s squeezing whom, who’s holding on stubbornly. Once I fill in the protocol income and buyback rhythm into the table, I’ll decide whether to take the challenge or just close the webpage first… that’s how I see it for now.