The third time I’ve seen someone take a rise in stablecoin supply as solid evidence that "off-chain ETF money is flowing in"... Frankly, correlation does not equal causation. An increase in stablecoins could also be due to exchanges moving assets around, project teams issuing tokens as ammunition, or even just everyone parking their positions in stablecoins waiting for opportunities. It’s not the same as “incremental capital.”

As for my small position, I definitely don’t dare to indulge in grand narratives. At most, I jump on a hot topic to test the waters—if I make money, I run; if I lose, I pretend to be dead. By the way, I want to complain that recently, miners/validators’ income and MEV reordering have been heavily criticized by retail investors. Actually, it also affects market sentiment: if the on-chain activity looks like a supermarket checkout line being cut in line, who would dare to rush in? Anyway, I’ll stop fantasizing and watch wallet flows more carefully.