Just saw a friend share an analysis of on-chain large transfers, saying it’s “smart money” moving… But after I looked, most of it is just normal internal rebalancing between exchange hot and cold wallets. When the market moves, these transfers get treated as signals—it’s pretty interesting, honestly.

Back to the point: recently, the arbitrage window for a certain stablecoin has opened again, and I followed to take a bite. But now I’m getting increasingly cautious about stablecoins. Whether you can see the transparency of the reserves is one thing; whether they can actually hold up during a run is another. Anyway, right now I only dare to put a little into the best two for liquidity—no matter how high the other yields are, I won’t touch them.

My friend says I’m too conservative. I told them: try it—after you’ve been cleared once, you’ll know. Once a stablecoin depegs, whatever collateralization ratio is shown is just fake. For now, that’s it.