Recently, some people have been using "the supply of stablecoins increased + ETFs are investing money" as a万能 explanation, basically saying these two are more like thermometers, not engines.

Money coming in from outside the market doesn't mean it will immediately pour into the on-chain assets, and it certainly doesn't mean that the small coins you hold will be evenly distributed; often it's just a change of parking spots, waiting for sentiment, liquidity, or for counterparties to reveal themselves.

The same goes for the pledge/shared security model with "interest stacking"—people argue about whether it's a scam for a reason: adding another layer of packaging increases the correlation risk, and when something goes wrong, everyone gets drained simultaneously. You might think you're diversified, but in reality, you're just spreading out the risk.
Personally, I prefer to understand the impermanent loss and exit strategies clearly first, rather than hearing "funds are coming" and immediately imagining a bull market script.
That's all for now.