Someone asked me if an increase in stablecoin supply means "off-chain money is coming in," and if adding ETFs makes it even more stable? I think don’t think that way; seeing correlation that looks pleasing doesn’t mean there’s causation. An increase in stablecoins could be a hedge, or it could just be on-chain moving back and forth, market-making inventory adjustments, or even just shifting positions across cross-chain bridges, which can make the picture look lively. ETFs are the same; capital flow is more like a gradual opening rather than an instant transmission to every corner of the chain with the push of a button.

Recently, I’ve also seen quite a few “attention is mining” schemes like social mining and fan tokens; it feels more like treating noise as fuel… Attention can exchange for votes, but that doesn’t mean it can exchange for structural funds. Anyway, when I look at these now, I first focus on where the capital is stopping, what it’s used for, and then decide whether to act, rather than being led by a correlation chart.