When you say it is dropping into blinky. Is it going into sensorless. If it is try altering the lipo cut off to just 3v. If the power from the battery drops below your set cut off point even for a nano second, this will send the esc into sensorless If that does not work take the lipo cut off, off altogether. As long as you are racing you should be fine. But if you are bashing just watch the time you are running.
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