Recently, someone has been using that chart of stablecoin supply as a "buy/sell switch," saying that when ETF inflows come in, it's like the off-chain water tap is being turned on... I find that a bit uncomfortable to hear. Correlation ≠ causation. An increase in stablecoins could mean they're preparing to enter the market, or it could mean everyone is just holding back on-chain to observe, or even just cross-chain transfers and market-making needs. Anyway, don’t turn one line into a movie plot.

On the ETF side, it’s more like “the channel has changed.” How the money flows in, which chain it ends up on, whether fees and bridges will cause it to get tangled back—it's not just about a simple “increment.” Especially now, with attention shifting so quickly, when memes and celebrity endorsements spark a trend, newcomers are most likely to rush in for the last chance, and veteran players can’t really dissuade them... I’m just watching fees, bridges, and where liquidity is going, taking my time to see clearly before making any moves.