Looking for my charger all morning, but it was just plugged into the bedside table the whole time... It’s quite like how I view stablecoins: I usually think they’re “stable,” but when something actually happens, I realize I have no idea where the money is coming from. Honestly, the most frightening part of de-pegging isn’t the numbers at that moment, but everyone starting to guess “Will he run first,” and the panic psychology kicking in. No matter how much reserves you write down, they can easily be overwhelmed by emotions.

Recently, someone linked ETF capital flows, U.S. stock risk appetite, and crypto price movements all together, and I just felt more anxious: when macro narratives heat up and confidence gets high, transparency issues are actually overlooked. My simple approach is: avoid assets I don’t understand or reserve data I can’t verify, don’t treat “redeemable at any time” as a catchphrase, and don’t hold positions so large that they rely on faith... For now, that’s it. When emotions settle, I’ll review again.