These past two days, people have been talking again about whether stablecoins could lose their peg. I honestly understand that feeling of, “it clearly says 1, but my stomach starts to turn.” To put it simply, what stablecoins fear most isn’t how much is lost on paper—it’s that everyone wants to shove the door open at the same time. Reserve transparency is like that: it usually looks boring, but once emotions run hot, it becomes a lifeline. The more you don’t understand, and the less anyone explains clearly, the more a bank run starts to feel inevitable.

By the way, I also checked the funding rates—they’re extremely volatile again. People in the group are arguing whether it’s a reversal or if the bubble is still being popped by squeeze. And now I’m more concerned that this kind of sentiment could spread to stablecoins: once everyone gets tense, they want to switch first to the “safest one,” and then even the safest one starts to get questioned… It’s a pretty cyclical thing. Anyway, I’m still the same as ever—split my positions, take a quick look at anything I can check on-chain, and then just wait patiently for the rest. Don’t dump too much “water” all at once.