I started tracking stablecoin supply and the net inflows of several ETFs, mainly to reduce noise for myself: in the past, seeing "stablecoin rise = capital entering = immediate price surge" would easily get me excited, but now a quick glance at the records keeps me calm. Basically, supply changes could be due to minting/redemption processes, market making inventory, cross-chain migrations, and on the ETF side, it could also be turnover and hedging. The correlations can sometimes be quite similar, but it’s very dangerous to assume causality.

Recently, AI agents and automated trading have become popular again, leading to a surge in on-chain interactions, and the narrative is being hyped up. But what I care more about is: who is actually authorizing these bots, are the permissions too broad, and who can update the contracts. Anyway, my current approach is very simple: first look at the data and permissions, then decide whether to participate. That’s it for now.