Lately, I've been talking about stablecoin de-pegging again. It’s like seeing a long line suddenly form outside a bubble tea shop: it’s fine if you don’t join, but once the line starts, people begin to suspect “Is it almost sold out?” Basically, de-pegging isn’t always about the asset immediately collapsing; sometimes it’s everyone collectively imagining a run and rushing out faster than anyone else.

The issue of reserve transparency is also quite awkward. Usually, no one checks your books, but when something happens, suddenly everyone asks, “How many backup assets do you really have?” Meanwhile, spot and futures funding rates are both extreme, and the group is arguing whether to reverse or keep pumping the bubble… I’ve got a simple trick now: don’t treat “stability” as an invincible shield, don’t push your positions so hard that you can’t sleep. Just start with that.