Recently, someone again used the supply curve of stablecoins combined with ETF net inflow screenshots, saying "Money is coming, so it must rise," and I find it hair-raising... Correlation should not be mistaken for causation. How off-chain funds come in, which route they take, whether they enter spot or are used for hedging—these differences are huge. Basically, it's a matter of the path.

By the way, looking at extreme values in funding rates, the group is again arguing loudly: whether to reverse or continue to squeeze the bubble. I’m calculating routes with a DEX aggregator and can't help but laugh—no matter how exaggerated the rate, it doesn't mean "an answer is coming soon," just that the emotions are amplified.

Not long ago, I was quite into some "grand narrative streams," but the more I watched, the more it looked like explaining the universe with a single picture... Forget it, I unfollowed, leaving some attention for slippage and trades—at least those two won't try to tell me stories.