Staring at the dashboard until my eyes are sore: whenever the supply of stablecoins increases, someone immediately comes back with a line like “ETF money is coming in,” and then starts to fantasize about the next wave. In plain terms, correlation doesn’t equal causation—when stablecoins go up, it could also just mean everyone is doing arbitrage, doing market making, or simply swapping parking spots, with no real intent to buy risky assets. The same goes for ETFs: off-chain capital inflows don’t necessarily translate into an immediate rush onto-chain—the route is circuitous. Recently, around the upgrade of the main public chain, there’s been talk again about “projects migrating,” and the mood in the group is moving faster than the data… As for me, it’s still the same as before: I only follow verifiable actions. I calculate the interaction frequency and costs up front, and don’t let narratives push me into adding positions or increasing interactions. For now, let’s keep it like this.