Recently, I've seen people watching large on-chain transfers and hot/cold wallets of exchanges, shouting "Smart money is coming / they're about to run away" whenever there's movement... I'm actually more concerned about whether a collective suspicion of stablecoins could trigger a bank run. Disanchoring is often not because the reserves are truly empty, but because everyone is simultaneously trying to "cash out," like a long line suddenly forming at a supermarket entrance, with people lining up without questioning the reason.

Transparency of reserves essentially means being able to verify: where the money is, what assets are held, and whether they can be converted back to cash immediately. Audit reports look quite thick, but if the key lines aren't clear, the market will fill in the gaps with assumptions. My approach is quite simple: treat the "worst-case redemption speed" as a cost, and don't treat liquidity as air; for uncertain parts, I prefer to accept lower returns and sleep more peacefully. Anyway, I don't really trust mystical signals; I prefer verifiable signals.