Recently, everyone has been linking "stablecoin supply increase / ETF subscription volume = market rally" as a causal chain, and I'm a bit worried about this smooth narrative. Frankly, it's more like a thermometer: lots of people, lots of money, but whether the money is willing to enter the market still depends on risk appetite and leverage usage; the correlation is quite strong, so don't force the causality.

When I was managing small pools, I was most afraid that "book gains" would cover up impermanent losses; on-chain indicators are similar—don't just focus on one number and think it's stable. Now I see myself more as doing data backups: look at multiple sources, cross-verify, and if indicators conflict, assume you misunderstood them first, and be willing to go slower.

Additionally, it's normal to see recent complaints about miner/validator income, MEV, and fairness in transaction ordering... Sometimes, off-chain funds haven't come in, and it's not that they don't want to buy; they just find the "queue rules" a bit frustrating. Anyway, I treat this as noise for now, avoid jumping to conclusions, and leave more room for flexibility.