Recently, someone has been focusing on large on-chain transfers and hot and cold wallets of exchanges, interpreting every move as "smart money." To be honest, I've seen too many of these and it's a bit tiring... Many times it's just arbitrage, reconciliation, or changing signature addresses, casually igniting everyone's emotions.

The de-pegging of stablecoins is more like a bank run mentality: if you're unsure about what the reserves actually look like, you'll run first out of respect, and the more you run, the less anchored it becomes.
Transparency isn't just about releasing a PDF; ideally, it should be verifiable on-chain and maintain a steady rhythm, otherwise every time there's a rumor, everyone treats it as doomsday.
Anyway, I no longer believe the phrase "as long as the market cap is large, it must be stable," having learned my lesson once.