Recently, I saw someone pointing at large on-chain transfers and hot and cold wallets on exchanges, claiming it's "smart money" positioning... What I care more about is the bank run psychology around stablecoins. Frankly, de-pegging is often not due to technical failure, but because everyone starts to lose confidence and switch simultaneously. No matter how thick the liquidity is, it can't withstand this kind of synchronized movement.

As for reserve transparency, don't just look at a single audit screenshot. You need to consider what assets are held, where they are, whether they can be liquidated promptly, and if redemption channels are blocked—be a bit more thorough. Otherwise, it might look stable at a 1:1 ratio normally, but when emotions run high, it turns into a game of who runs first wins.
Anyway, I now tend to stay calm when I see interpretations like "large transfers = insider trading."
That's all.