My mindset has basically been updated these past couple of days: in the past, whenever I saw stablecoin supply rise, I had a reflex reaction—“it’s about to pump.” Now it’s more like watching a reservoir’s water level—having more water doesn’t mean the floodgates will be opened immediately. ETFs are the same: the inflow of off-chain money doesn’t mean it will instantly run into the specific chain or the pool you’re watching. Put plainly, correlation really knows how to mislead; the causal chain isn’t that direct.

As for liquidity, it’s more like a “passerby”—it slides along to wherever the story is hot, wherever the fees are cheaper, and wherever it’s less likely to get targeted or hit or run into trouble. By the way, hardware wallets are all out of stock, and phishing links are everywhere… Don’t just stare at the charts—first, apply the security patch. No matter how sweet the words from the project team are, they won’t press the confirm for you.