Recently, I've seen people using the supply curve of stablecoins to manipulate ETF inflows and outflows, to be honest, the correlation exists, but don’t mistake it for causation. Sometimes, the issuance of stablecoins is like restocking a supermarket; it doesn’t necessarily mean someone will immediately buy. ETF activity is more like large trucks entering a parking lot; moving them around might just be changing parking spots, which is not the same as new outside money.

I personally now hold back when looking at this kind of data: who is rebalancing, who is hedging, whether there are corresponding fund flows on-chain. Especially with the increasingly loud narratives around AI Agents and automated trading, as on-chain interaction volume rises, security issues also come to the forefront… Contract permissions, authorization limits, embedded elements in routing—anyway, I’d rather be a bit slow than risk being caught off guard for the sake of convenience. That’s all for now.