Recently, some people have been drawing two lines using stablecoin supply and ETF net inflows, then starting to speculate "money is coming in, so it should go up." Frankly, correlation does not equal causation; often, the increase in stablecoins is just market making/OTC inventory buildup, or cross-chain transfers, and before they hit the trading market, they are just a bunch of numbers. The ETF side might also be stock replacement channels, which is not the same as genuinely new outside funds. Especially when the market fluctuates, the mechanical structure of arbitrage, hedging, and redemptions shifts, making the data look lively but the direction uncertain.

By the way, right now, the testnet incentives and point expectations are being treated like a nationwide blind box opening, with everyone guessing whether the mainnet will issue tokens… I actually want to see if its liquidation and oracle systems are stable, so that when the mainnet launches, MEV won't burn your points as fuel. That's all for now; I’ll first revoke some of the recent arbitrary authorizations.