These days, watching the on-chain inflows and outflows of stablecoins, I suddenly realize that "de-pegging" is not just about the price dropping, but more like a bank run looking for an exit. Transparency of reserves, to put it simply, is whether everyone is willing to wait ten more minutes before redeeming. You’re shouting about audits and reports, but at the same time large transfers are moving back and forth in wallets, making emotions very easy to turn.

And when the funding rate reaches an extreme level, the group starts arguing whether it's a reversal or if the bubble is still being squeezed. It looks to me like, first removing the most fragile layer of confidence, then seeing who still dares to pretend to be calm. Anyway, I’ll just be an observer for now, don’t act too quickly, don’t push yourself into the crowd.