Recently, I saw someone linking ETF capital flows, U.S. stock risk appetite, and crypto price movements into a single "logical chain," which is basically like making excuses for emotions. Stablecoin de-pegging is more straightforward: it's not some fate arrangement, but mainly a probability game of transparency plus panic psychology.

If reserve disclosures are hidden or opaque, everyone will automatically add leverage in their minds: what if they can't redeem? So they run first out of caution. When too many run, what was originally a low-probability event immediately amplifies into a high-probability one. Anyway, when I look at stablecoins now, I first see how they prove "redeemable at any time," then see what yields support them. If I can't clearly understand, I prefer to avoid them, to prevent the day when on-chain queueing for redemptions, I still have to pretend to be calm.