Recently, I’ve seen a bunch of people watching large on-chain transfers and hot/cold wallets on exchanges, claiming it’s "smart money" moving. Honestly, I always pause for a moment: is that money actually leaving, or just repositioning or doing risk management? No one really knows. The de-pegging of stablecoins is more like a contagion of panic—you're not necessarily distrustful of the reserves, but you're afraid others might lose faith first. Reserve transparency is certainly important, but transparency doesn’t mean instant liquidity. Details like asset structure, redemption channels, and time delays—when things go wrong, a delay can amplify emotions. Anyway, my current approach is not to put all liquidity in one place; I prefer to spread it out, even if it’s a bit more trouble, so I can sleep better.