Recently, someone has been using the stablecoin supply curve to force the narrative that "ETF coming in = immediate price surge," and I really want to roll my eyes... Correlation does not equal causation. An increase in stablecoins could be for reserve purposes, or it could just be market making, arbitrage, OTC transfers, or even people moving money from other chains/exchanges, which is a far cry from "buying coins immediately." As for ETFs, forget it—off-chain capital flows are complex, with many hedging and rebalancing steps; don’t jump to conclusions just because you see one arrow.

Anyway, to put it plainly: money at the door doesn’t necessarily mean it’s coming inside; it might just be passing by. My approach is still to watch volatility and the term structure. The market is lively, but don’t let emotions dictate your positions. By the way, I want to criticize the modular and DeFi layer narratives—developers are having a blast, but users are left thinking, "What does this have to do with me?" The market operates on the same logic: stories can be told, but don’t expect instant results just by pressing a button.