Just saw in the group chat again people sharing screenshots of an audit of some stablecoin reserves, and everyone underneath is spamming “Is it going to depeg?” Honestly, every time a stablecoin’s circulating supply increases, someone starts yelling that a bull run is coming; when the supply shrinks, others say liquidity is drying up. But the logic behind those ETF-related off-exchange funds flowing in is really not the same as the stablecoin issuance mechanism—don’t mistake correlation for causation.

Like growing vegetables: more rain doesn’t necessarily mean a good harvest—you also have to consider the soil, pests, and sunlight. That wave of panic in the group chat lately, to put it bluntly, was driven by a few rumors getting everyone carried away. No matter how detailed the reserve audit report is, not many people truly know how to read it. My own approach is still the old one: don’t chase the hype and go all-in; buy in batches to watch for opportunities. No matter how the FUD spreads, I’ll deal with the drainage ditches in the vegetable plot first.