Have you also been getting flooded lately with interpretations like “ETF inflows/outflows = coin price moves”… I’m a little tired of it. When it really comes to moments like stablecoins breaking their peg, in all honesty, any “fund flow” narrative has to step aside. What blows up first is the mindset of a bank run: no matter how safe you say the reserves are, everyone just wants to hit the redemption button first.

When it comes to stablecoins, I personally focus on two things: first, whether the reserve disclosures are the kind that can “match the books” (things like frequency, reporting standards, and whether there’s a pile of vague assets); second, whether the on-chain redemption/minting channels are smooth—if they get stuck, panic is easy to spread and amplify. Anyway, my current approach is pretty old-school: spread out your positions, don’t keep the liquidation lines for lending positions too close, and when there’s a mild de-pegging event, first look at the order book depth and the redemption pace—don’t rush to use leverage just to “catch the dip.” Risk isn’t something you can get through by faith alone.