Over the past couple of days, some people have been talking about stablecoin supply and ETF inflows and outflows, saying “the funds are coming/incoming” or “they’re leaving,” and when I hear that, I really feel like turning off the candlestick chart and staying in the fog for a bit… Correlation is such a master of deception. To put it plainly, what you see is only that things happen at the same time—it doesn’t necessarily mean someone is pushing someone else. Off-chain money sometimes circulates elsewhere first, and by the time you react, the story has already changed.

By the way, while also looking into and re-staking that “yield compounding” setup, it’s not strange that everyone argues like nesting dolls. The returns look like they stack up layer by layer, but the risks aren’t stacked for free. Last night, when I was doing some on-chain operations, I got stuck for a moment—the wallet side kept queueing; I had to refresh and retry a few times before it finally went through. Suddenly, I understood better that “it’s okay to be a little slow.” Anyway, I’m still the same as usual: I allocate with low frequency, and don’t let a few indicators pull your emotions along.