Just now, I saw in the group chat that people are arguing again about "the stablecoin supply is increasing = the bull market is coming," and I can't help but laugh while drawing lines... but I also want to cry. The thing about correlation is that it can be so deceiving: ETF inflows and outflows, off-chain funds shifting around, might just be tides of sentiment, not necessarily new money actually landing, not to mention all the hedging, reflows, and liquidity draining in between. Honestly, don’t use a single line to find faith for yourself.

Recently, hardware wallets are out of stock again, phishing links are everywhere, and it feels like everyone's "security awareness" is just like the market—only thinking about safety when prices are rising. Anyway, when I look at data now, I first ask myself: is this cause or effect, or am I just too eager for an answer. That’s all for now.