These past two days, people in the group have been circulating screenshots about “XX stablecoin de-pegging.” Just add a red circle and you can light people’s emotions up... To put it plainly, a run never starts on-chain—it starts in people’s heads first. Of course, transparency of reserves and audits are important, but when something really happens, what everyone looks at isn’t a report—it’s whether “others might run first.”

I’m taking an even simpler approach now: don’t bet on explanations, don’t chase rumors, just write the contingency plan and execute it. Spread out your positions, keep some liquidity on-chain/off-chain, and switch when necessary—don’t stubbornly hold. I can’t predict how regulation will be rolled out, so I’m not going to keep chasing explanations. I’ll accept the randomness. For now, that’s it.