In the past couple of days, I've seen people using the stablecoin supply curve to force the narrative that "ETF off-chain funds are coming in, so it must go up"… To be honest, correlation does not equal causation. An increase in stablecoins could just be due to rebalancing, arbitrage, OTC settlements, or even people preparing funds but not daring to deploy them. ETFs are more like a pipeline; whether the water truly flows onto the chain, which chain it flows to, or whether market makers are using it for hedging—these details are impossible to see from the outside.

By the way, the "compound yield" staking system being criticized as a copycat is normal; high yields look attractive, but the risks also stack up, and ultimately, it's hard to say who will take the risk first.

Anyway, I prefer to focus on on-chain real consumption: transfer volumes, bridge in and out, net inflows to exchanges, etc… Tonight, I’ll review a few claims that are about to expire again. That’s all for now.