Lately, people have been talking about stablecoin de-pegging again, but I’m actually not paying much attention to the price movement. Mainly, I’m watching whether the reserve information is becoming more and more vague, and whether there are sudden spikes in on-chain large redemptions/transfers. To put it simply, de-pegging often starts with a run on liquidity: everyone thinks “others are going to run,” so I run first, and end up emptying the pool.

Right now, during airdrop season, task platforms are anti-witch-hunting, and many people are like clocking in at work with points systems… It’s lively, but once market sentiment shifts, these “temporary funds” can withdraw just as quickly. Anyway, I don’t pretend to be right; my predictions aren’t necessarily accurate. But I’ve thought about positions and entry/exit points in advance—don’t wait until on-chain queues for redemptions to panic. That’s all for now.