Last night on night shift, I kept an eye on the funding rate all night, and surprisingly what made me most anxious was that slight "de-pegging" of stablecoins. To put it simply, I’m not afraid of them gradually falling; I’m afraid that everyone will suddenly want to run at the same time: if reserve transparency becomes vague, the panic withdrawals spread like an infectious disease. When on-chain deposits and withdrawals speed up, I start sweating... I now prefer to earn a little less and split my positions so I can switch back to mainstream assets at any time. If something really happens, I’ll just run first.

Airdrop season is also quite surreal. The task platforms, with their anti-witchcraft measures, make it feel like attendance check-ins, and the points system turns the grab-and-go crowd into office workers. I admit I’m a bit envious of those who can grind tasks every day and still get some gains, but the moment I think about a wave of emotional de-pegging hitting stablecoins, and that the few points I have can’t save my positions, I just honestly set my stop-loss and leave it at that.