Recently, I see everyone interpreting the flow of ETF funds, the risk appetite in the US stock market, and the rise and fall of the crypto market all together... It sounds quite lively, but I care more about that "life-threatening" on-chain issue: who do you really trust in a cross-chain message?

Honestly, whether it's called IBC or a bridge, at least you believe: whether the on-chain light client/validation set has been maliciously attacked or gone down, whether the relayer/relay has missed or sent out wrong messages, whether the target chain's module implementation has pitfalls (especially permissions and upgrades), and who holds the keys to that bunch of contracts/multisigs.
At the moment of crossing, assets are not "flying," but queued in a series of components passing through security checks—if any link loosens, don't blame the trouble.
Anyway, before I cross chains now, I first review the authorization, revoke what I can, and leave fewer vulnerabilities.