Recently, I saw someone compare the curve of stablecoin supply to ETF net inflows, saying "money is coming in, so it must be such and such"... I can't stand this narrative that treats correlation as causation. Sometimes off-chain funds are just waiting with a different shell, and a large amount of stablecoins might also mean everyone is first shrinking into "cash" and not daring to move. When emotions twist, any curve can be explained.

The large movements I noticed on the bridge are actually more like real-time thermometers: sometimes moving from exchanges onto the chain, sometimes collectively pulling back, as if testing the depth of the water. Recently, before and after the main public chain upgrade, people speculate whether the ecosystem will migrate. I see it more as "cross the bridge first," and whether to migrate or not depends on whether there is sustained real usage in the next few days. Otherwise, it's just noise. Anyway, I plan to stay calm and not be driven by stories.