These days, I’ve seen people using the stablecoin supply curve to justify "ETF inflows = inevitable rally," but frankly, correlation does not equal causation. An increase in stablecoins could be due to exchanges holding reserves, market-making capital turnover, borrowing and lending activities, or even just moving assets on-chain; ETF off-chain funds may not immediately flow into the crypto market, and the path is quite convoluted, with risk control, hedging, and basis as “buffer zones” in between.

When fees are extreme, it’s easier to sway market sentiment. I can understand the debate in the group about whether to reverse or continue squeezing the bubble, but what I care more about now is: are the new “funds” actually net inflows or just leverage self-hype? Anyway, I’m only watching two things: whether the increase in stablecoins is being absorbed by borrowing/derivatives, and whether spot trading volume is keeping up. If not, I’ll just consider it as noise, and focus on maintaining my position boundaries first.