This morning, I checked the large on-chain transfers as usual, and casually looked at the curve of stablecoin supply. Recently, someone has been comparing it to ETF net inflows, saying "See, the funds are coming." I'm a bit numb now... Correlation really doesn't equal causation; often it's just that everyone's emotions changed at the same time, and the money in their pockets has changed its form.

Recently, expectations of interest rate cuts fluctuate back and forth, and the dollar index and risk assets are showing strange synchronized rises and falls. Frankly, macro conditions are quite tangled right now. Off-chain funds may or may not be flowing in, and you can see some shadows on-chain, but don’t mistake shadows for people. Anyway, I’m still the same as always: look at the data, but don’t rush to draw conclusions. I’ll decide after breakfast.