I set a rule for myself: when I see stablecoin supply picking up and ETF net inflows looking good, don’t get excited right away—and don’t rush to treat “money coming in = an immediate pump” as a cause-and-effect relationship. In many cases, it’s just off-market funds finding a more convenient parking spot; if they truly want to act, they still have to see whether the sentiment and narrative can pick it up. If they can’t, then they’ll just keep lying low—stay there and do nothing.

Recently, I’ve seen a lot of backlash against that “shared security + yield stacking” re-staking setup, calling it a copycat “matryoshka” scheme. I can understand it too: the more the returns stack, the more it starts to feel like the risk is stacking up right alongside them… Anyway, I’d rather miss out on a stretch than be tricked by correlation into chasing highs.