These past couple of days, the talk about stablecoin de-pegging has flared up again. But what I care about even more is the word “wait”: wait—wait for the audit, wait for the reserves disclosure to be clearer, wait for everyone’s emotions to cool down first. Put simply, when it comes to runs, it’s often not a technical problem—just one mental “snap” and it turns into a chain reaction. If transparency isn’t enough, you’re even more likely to get pulled along with the crowd’s momentum.

By the way, I also saw the funding rate get extremely extreme again. In the group, people are arguing about whether to reverse the trade or keep squeezing the bubble and popping it further—I’ll just wait and confirm first. On-chain is like night running: if you go too fast, you’re prone to cramping. My approach right now is less leverage, some diversification, and keeping a bit of liquidity. If something really happens, at least I won’t have to rush to the exits trying to fight my way out with the crowd. I’ll move only after I’ve figured it out clearly myself.