Just saw someone talking about stablecoins going off-peg, and my mind suddenly flashed to my crappy charger—plug it in and I always worry the power won’t be enough; pull it out and I’m afraid my phone won’t make it all the way home. In plain terms, reserve transparency and the panic behind redemptions are like that: the more you stare at those little numbers, the easier it is to scare yourself. Recently, ETF fund flows and risk appetite in the U.S. stock market have been getting interpreted together—honestly, emotional contagion spreads pretty fast—but when the market really drops, I feel like I’m seeing the charger’s red warning light: I mutter and complain out loud, but my hand still silently pushes the cable in tight. Anyway, for people like me, it’s “I review the situation and act tough”—I say “it’s over” with my mouth, but when it comes to it, adding to my position is unexpectedly honest.