Tonight’s night run wind is pretty strong, and the intersection is still under construction. I’m dodging potholes while checking the blockchain, and it feels just like the current market: when rates tighten, everyone’s risk appetite shrinks immediately, and funds first rotate back into places that are more “cash-like.” The most direct on-chain signal is stablecoins being moved back and forth, with faster exchange inflows—so positions also become more conservative.

Over the past couple of days, the group has been circulating talk about stablecoin regulation, reserve audits, and all kinds of rumors about “de-pegging.” Honestly, every time I see this, my first reaction isn’t to rush in—I first check whether there’s any real abnormality: are large trades clustered, or is it just emotion-driven trading? Macro is like the wind direction—once it blows, everyone’s hands are more likely to tremble. Anyway, I’d rather keep some “ammo” for now, then decide whether to move after I finish my run.