Recently, someone has been pointing to large on-chain transfers and hot and cold wallets on exchanges, interpreting every move as "smart money." Honestly, I've seen too much of this and it's a bit tiring... Many times, it's just arbitrage, reconciliation, or changing signature addresses, casually fueling everyone's emotions. The de-pegging of stablecoins is more like a bank run psychology: if you're unsure about what the reserves actually look like, you'll run first out of caution, and the more you run, the less anchored it becomes. Transparency isn't just about releasing a PDF; it should be verifiable on-chain and maintain a steady rhythm, or every time there's a rumor, everyone treats it like doomsday. Anyway, I no longer believe the phrase "as long as the market cap is big, it must be stable," having learned my lesson from past experiences.