Recently, I stumbled on that kind of old news from a few years back—“can’t hold spot, and the contracts get liquidated/explode”—and the main character is always the same: it’s not that you misread the direction, it’s that your position is too heavy. To put it plainly, position management is basically one piece of human sense—don’t let any single round of volatility have the power to kick you out of the game. When spot goes up, you get restless and want to chase; after a pullback of two moves, you start thinking about cutting. With contracts, it’s even more direct: once you open too large, you begin watching the K-line until you can’t even breathe, and in the end, it’s not that your judgment failed—it’s that leverage bought your time out from under you.

These past two days, everyone has been talking over and over about pledge/unlock and the token unlock calendar. I’m worried about sell pressure, too—but I’m even more afraid that I’ll get tense and add to my position to the point where it’s at a level I “must” be at. Just now, I closed the contract interface… save your bullets—don’t let your emotions turn into antennas and get stuck in the noise. Live first, then talk about the narrative.