Been diving for a long time, but I still want to add a comment: Recently, everyone has been watching stablecoin supply, ETF inflows, and so on. Seeing two lines rise together, they start to imagine a “causal chain,” which is a bit too simplistic… An increase in stablecoins could be for reserves, arbitrage on exchanges, market making to replenish inventory, or even just a change in on-chain migration statistics; ETF side is similar, whether off-chain funds are coming in or not, it’s tangled with sentiment, compliance rhythm, macro risk appetite, and it’s not really a one-to-one correlation with the market. Anyway, I now prefer to look at capital flow paths and destinations first, otherwise it’s like trying to save 0.2% slippage by monitoring routes: ignore the details, and in the end, you get “it looks related” traps. By the way, about the modularization and the DAO layer this wave, developers are talking excitedly, but users just look confused, “what does this have to do with me clicking swap”… I’m half confused myself. That’s all for now.