Someone just posted again comparing the stablecoin supply curve with ETF net inflows, adding a line "Those who understand, understand"... I almost wanted to follow and buy in, but then I looked at the funding rate and started to feel heated, large orders and footprints are still washing back and forth, and my hand got weak. I'll just set my stop-loss first.

To put it simply, having more stablecoins doesn't mean money will come in immediately, and ETF inflows today don't mean outside buying will continue tomorrow. The correlation is too easy to make people self-hypnotize. Off-chain funds are more like "slowly shifting," not like a single candlestick shooting up.

Recently, the testnet incentives and points wave are the same; everyone is guessing whether the mainnet will issue tokens. The sentiment can make the data look very good, but whether real money has followed is still something to consider from multiple angles... Anyway, I’m a stubborn person, I never dare to hold a large position. That’s all for now.