Are you guys recently again monitoring the supply curve of stablecoins, and then casually taking ETF net inflows as evidence that "the next move must be upward"… I understand the desire to find certainty, but honestly, sometimes correlation is just coincidence, or different aspects of the same thing. Money coming in from off-chain doesn’t mean immediate buying; often it just stays in stablecoins to observe, or takes other paths, and the pace can be dragged out for a long time.

And those large on-chain transfers, or when exchange hot and cold wallets move, being interpreted as "smart money," I’m actually more cautious: it could be changing addresses, doing risk control, internal transfers, or even just making it visible. Anyway, I see these more as scenery now, don’t rush to write scripts for every transfer. Let’s leave it at that for now.