Recently, someone has been posting the stablecoin supply curve back and forth, saying that once ETFs open the floodgates, off-chain funds will "inevitably" flow in. I find it quite awkward... On-chain, more stablecoins appear, but sometimes it's just everyone withdrawing to a "seemingly safe" place to pause, which is not the same as actually rushing in to boost the market. Especially now, when sentiment is tight, liquidity moves faster than news.

By the way, before and after the upgrade/maintenance of mainstream public chains, there are also guesses in the group about whether the ecosystem will migrate collectively. To put it simply, don’t treat correlation as causation: ETF, stablecoins, migration rumors—these can all happen simultaneously, but it doesn’t mean one is driving the other. My habit is still to watch for abnormal transfers, bridge activity, and the speed of inflows and outflows on exchanges. First, understand the "retreat channels," and don’t be led by charts. That’s all for now.