Recently, someone has been using the chain of reasoning "Stablecoin supply increases = off-chain money is coming in = ETF will pump the market" to comfort themselves. I find it tempting too... but honestly, correlation does not necessarily equal causation. An increase in stablecoins might just mean people are waiting off-chain, doing arbitrage, hedging, or even that project teams are issuing tokens as ammunition, not necessarily that spot prices will immediately surge. ETFs are more like a water pipe; whether to open the valve and when to open it has little to do with the lively activity on the chain.

Meanwhile, over in Layer 2, people are again comparing TPS, fees, and subsidies, arguing like a marketplace. I laugh while feeling itchy, almost going to chase after a "leading ecosystem." Last night, I seriously considered uninstalling my trading app and leaving the group chat to avoid being influenced by the hype every day... but I didn't uninstall. Instead, I remind myself before clicking the buy button: am I seeing causality, or am I just afraid of missing out? For now, that's enough. Writing this makes me feel more at ease.