At 3 a.m., while the Federal Reserve's rate cut news dominated the headlines, one hedge fund manager was watching something else—the proportion of decentralized stablecoins in the entire stablecoin pool, which surprisingly increased by over 3% in 48 hours against the trend.

Honestly, most people are still refreshing news and waiting for the Fed’s statement, but the on-chain money had already started moving. The data shows: two days before the rate cut announcement, decentralized dollar protocols attracted over $3 billion in inflows. These stablecoins differ from those issued by companies like USDT and USDC; they rely entirely on algorithms and market supply and demand to maintain their prices, without centralized institutional backing.

Why are these decentralized stablecoins so quick to react? Because they act like the "antennae" of on-chain liquidity, highly sensitive to capital expectations and risk sentiment. This move actually confirms an old rule: markets always trade on "expectations," not "facts"—waiting for official news to act is usually too late.

This is the lesson from the 100,000 liquidation event. From the "rate cut narrative" to the potential chain reactions afterward, smart money had already positioned itself in advance. The fluctuations in decentralized stablecoin share are essentially votes by a group of professional players using on-chain data—they are betting on the second- or even third-order effects once policies are implemented. Retail investors focus on news headlines, while institutions watch capital flows—that’s the cost of information asymmetry.