Looking at the Federal Reserve data, I still feel a bit uneasy—the figures of $61 trillion in household stock assets and $49 trillion in real estate seem eerily familiar. This ratio appeared in 1968, after which the stock market fell 48% over six years; it reappeared in 1999, followed by a 49% drop in three years. History doesn't repeat, but it often rhymes.

I cleared my US stock positions and shifted most of my funds into stablecoins. As expected, friends asked, "Did you run too early?" I did consider that, but when market signals are so obvious, lying there waiting isn't a solution. The Shiller CAPE surged to its second-highest level in 150 years, and the top ten tech stocks now account for 39% of the S&P 500—exceeding the 1929 levels. Passive funds already hold 52% of the market, turning into a mindless buying machine. These numbers together form a risk pileup.

Choosing stablecoins as the main allocation isn't because they offer the highest yields, but because of their uniqueness—they are not tied to any country's economy, not bound by stock market cycles, and are insulated from commercial real estate defaults. The recent news about a bank’s office building bad debt at 11.68% caused traditional asset markets to lament, but within multi-chain stablecoin deployments, these external risks are essentially isolated.

Currently, the asset allocation looks like this: 60% in stablecoins as a core defense (collateralization ratio transparent and over 130%), 20% in spot cryptocurrencies to catch opportunities, and the remaining 20% in cash for potential extreme situations. This isn't aggressive; rather, at the crossroads of a major cycle, it’s a relatively secure defensive stance.