These past couple of days, watching the small fluctuations in stablecoin de-pegging, it feels more like watching people's hearts than reading candlestick charts: transparency of reserves is basically "do you really have the money," but the run on the bank is more like "do people think you have the money." Sometimes, no matter how often reports are released, a single "what if" in the community can ignite emotions... Anyway, confidence is something that doesn't follow logic.

By the way, I checked the funding rates again and they started to go to extremes, with the community arguing whether it's a reversal or just a continued bubble squeeze. I won't pretend to know, and I can't guess either, but every time this happens, I instinctively look at on-chain redemptions and exchange inflows and outflows, seeing who is quietly switching to the more "stable" ones. The more I look, the more I feel that stablecoins aren't really stable; it's just whether everyone is willing to believe in their stability together. That's all for now.