Recently, I’ve been watching the “pulse” of stablecoins again. Put simply, whether they depeg or not at times isn’t a math problem—it’s a psychological one: reserve transparency is like curtains. If you pull them back a little, everyone dares to sleep; if you keep them drawn and stay silent, people start imagining monsters in the room—then the run happens, and it’s like the door gets kicked open by itself. I do look at those on-chain proofs, audits, and reports, but what’s truly scary is that kind of “everyone’s running” smell. Just to add: when the funding rate goes to extremes, the group chat starts arguing whether it’ll flip around or whether they’ll keep pushing the bubble further and squeezing out more foam—I listen to it like I’m outside a casino, guessing which way the wind blows… I’m more like someone watching the waterline in a liquidity pool than someone trying to turn candlestick charts into rhyming poetry. Anyway, right now I only want one answer: do you dare to open the window and leave it open a bit longer?