Lately, I've been checking on-chain data, and the stablecoin supply fluctuates between rising and leveling off. It makes me a bit amused: people always love to link it to ETF inflows and outflows or off-exchange capital movements, but honestly, correlation ≠ causation. When stablecoins increase, it might just mean funds are changing parking spots; when ETFs heat up, it could simply be that sentiment has found a more respectable entry point. If it really comes down to buying interest or risk appetite, there's a whole lot of “human psychology” in between.

New L1/L2 blockchains are starting to offer incentives to boost TVL, and veteran users complain about “mining, selling,” which I understand. After all, the “farming” crowd comes quickly and leaves even faster; superficial prosperity can be very deceiving.

Does an increase in stablecoin supply necessarily mean a surge?
Not necessarily. More often, people are just waiting for a reason.