Honestly, when my borrowing position is just "three steps" away from the liquidation line, my first reaction isn't to find reasons to leverage more, but to pull myself out of the screen first: are these three steps really price fluctuation steps, or are they psychological breakdown steps... I’m not sure either, but experience shows the tighter it gets, the easier it is to shake.

I usually do two small things first: make the red line look more "messy" (calculate based on worse volatility), and then prioritize actions that can immediately improve the safety cushion: pay off some debt > add a bit of margin > reduce leverage/close positions. As for toughing it out and waiting for a rebound, honestly, it’s more like betting on others blowing up first.

Recently, everyone has been watching large transfers on the chain and unusual movements in exchange hot and cold wallets as "smart money," I also glance at them, but I don’t dare to treat them as a lifeline... there are too many reasons for the back-and-forth. Anyway, when close to the red line, I’d rather keep more bullets and fewer illusions. That’s all for now.