These days, I’ve seen people watching large on-chain transfers and fluctuations in exchange hot and cold wallets, then repeatedly saying "Smart money is coming/going"… I also click to check, but honestly, these things are the easiest to amplify emotions. Once stablecoins are suspected of lacking transparent reserves, a bank run mentality will self-fulfill: if you don’t run, I run, and in the end, everyone is racing to be the first to act.

What I fear most isn’t losing money, but rather being pushed to make decisions by collective panic even when nothing has actually gone wrong. Right now, I only try to focus on two things: whether I can understand the reserve disclosures, and whether the redemption channels are truly smooth. As for all those theories like "the wallet moved, so we need to XX"... I’ll just take it as entertainment for now.