Recently, the group has been arguing again about whether the extreme funding rate is a reversal or just a bubble being squeezed... I want to remind everyone first: the "on-chain data" you see may not be happening on the chain right now; sometimes it's just that the route you're looking at is congested. Nodes, RPC, and the indexing layer—if any of these get stuck, the transfers/settlements you see will be "delayed," and it's easy to mistake this delay for a trend emotionally. To put it simply, don't be too superstitious about the second-by-second updates on a certain dashboard. When I encounter anomalies, I tend to check two more sources and wait for a few blocks before drawing conclusions. That's all for now.