The biggest fear when watching the market on the night shift is actually not the needle-stabbing action, but the stablecoin type of “looks stable, but makes you uneasy in your heart.” To put it simply, de-pegging often isn’t first a loss on the assets—it’s losing to withdrawal-atmosphere panic: one line in the group like “the reserves aren’t transparent,” and everyone starts bolting, running harder and harder until it starts to look like a real crisis.

Recently, I’ve also seen people compare RWA, the yield from buying U.S. bonds, and all kinds of “steady returns” on-chain all in one place. I’ll admit I get tempted too, but I’ll check first what it’s actually backed by, who’s in custody, and how often they disclose information… If I can’t make sense of it, I won’t move. I’ve been burned before: there was a yield product that was hyped to the heavens. I was on an impulse late at night and wanted to rush in. I opened the fine print, read through the details three times, and still couldn’t understand the redemption and payout logic. So I washed my face, came back, and pulled out—then the next day the community started arguing about “maybe we’ll need to queue for redemptions.” Thinking about it, I’m glad I didn’t join the excitement. In any case, my only rule is this: positions you can sleep through are the good ones.