Just received a bunch of red dot notifications on my phone: stablecoins are being issued again, ETF net inflows are also increasing... It makes people itchy to buy. But honestly, an increase in supply ≠ all the money rushing in, ETF enthusiasm ≠ off-chain funds will definitely follow and buy; sometimes the correlation is just everyone’s sentiment syncing, don’t force a causal chain.

Recently, hardware wallets are out of stock again, phishing links are also rampant, which instead reminds me: if there is “new money,” where it flows first isn’t necessarily on-chain, it might first go to buy security. Anyway, when I see all kinds of “funds are coming” charts now, my first reaction is: what’s the data scope? What’s the path? First check the bridge’s guardrails again, don’t be led by notification pop-ups and hype.