These past two days, someone has been using the stablecoin supply curve to line it up with ETF net inflows, saying, “Look—funds are coming in.” I’m a bit panicked seeing it… Correlation can be incredibly misleading. More stablecoins could mean market making, arbitrage, or moving assets around as you stock up first; it could also be nothing more than transfers happening back and forth on-chain. As for whether off-chain money flows into ETFs, it depends on the subscription and redemption cadence and the brokerage process—plainly put, it’s not the same pipeline. On top of that, if a certain region adds taxes and compliance is tightened/relaxed, once expectations for deposits and withdrawals shift, people either pull back first or rush in first, and it’s normal for on-chain TVL to dip along with it. In any case, I’m currently focusing on protocol revenue and incentives. Once the rewards decrease, I’ll gradually step back and exit, bit by bit. I may talk tough, but in practice, I still have to concede.