Recently, people have been talking about stablecoin supply, ETF inflows and outflows, and over-the-counter funds. They draw a few lines and then start saying "so what’s going to happen soon." Listening to it, it sounds like that noise on a vinyl turntable... Having relevant information doesn’t necessarily mean causation; honestly, many times it’s just the same batch of emotions surfacing in different places. ETF is a channel, no doubt, but where does the money come from? Is it just moving around? It’s really hard to see through at a glance.

By the way, I saw that the NFT royalty debate has flared up again. Creators want income, secondary markets want liquidity—each has their reasons. In the end, the market votes with its feet. Anyway, I have one habit: don’t get overly emotional, don’t hold all your assets in one place, don’t follow the crowd. Looking at the long term, living longer depends more on habits than on “talent” to guess the top.