Recently, people keep asking me whether we should panic when stablecoins lose their peg... Honestly, the scariest thing isn't those few points of deviation, but everyone starting to think about "running first" together. Reserve transparency might seem boring most of the time, but once there's some noise, the run-on psychology spreads like dominoes. When on-chain transfers increase, my hands start to shake.

Now I trust a "signal" that’s actually quite simple: sudden irrational changes in funding rates, position changes exploding along with emotions, plus the crazy swapping of stablecoins on-chain. Recently, ETF capital flows and U.S. stock risk appetite have been tightly linked to interpretations, and I get caught up in the rhythm too. But thinking about it... when this kind of narrative heats up, it’s easiest to push people’s emotions to full leverage. Anyway, I’ll keep it light—surviving is enough.