These days, I've come across a bunch of interpretations that tightly link ETF capital flows with U.S. stock risk appetite and crypto price movements. The more I read, the more I want to say: Stop. Stop scrolling for now, don’t let your emotions lead you. Stablecoins, to put it simply, are a confidence game; if transparency of reserves isn’t enough, it’s like holding a piece of paper that says “I should be redeemable.” When a run happens, whoever flees first survives. Don’t tell me “there’s an audit report,” reports are static; people get panicked. My approach is very simple: only allocate assets I can see and understand the redemption process clearly. If I see abnormal traffic on the bridge, I stop even more—don’t be the last to pay the toll. Anyway, money on the chain won’t run away on its own, so better to survive first.