These days, someone is again watching large on-chain transfers and hot and cold wallets of exchanges, shouting "Smart money is coming" at every move. I looked into it and just want to say: don’t get too caught up in the drama. When stablecoins de-peg, the first thing to blow up isn’t the reserve table, it’s the panic withdrawal mentality. When everyone hits the withdrawal button at the same time, no matter how transparent the system is, it still has to withstand the traffic and payout pace. To put it simply, what the market fears isn’t loss, but “Am I the last one to leave?” Actually, I find perpetuals easier to trade myself. When the fee rates look off or the liquidation hot zones bunch up, just reduce your position first. Don’t gamble discipline against panic—anyway, staying cool keeps you alive longer.