Recently, I saw someone using the supply curve of stablecoins to compare with ETF net inflows, saying "Money is coming in, so it must go up"... I find that a bit frustrating. Correlation can be so misleading: having more stablecoins might just mean increased market-making or hedging demand, it could also be some platforms issuing tokens or opening lending, or even people minting in advance expecting a run, which is not the same as real money entering the market. Thinking about it later, it’s quite funny—we often use a single chart to boost our confidence.

On the ETF side, it’s the same story: whether off-exchange funds come in depends on whether they ultimately convert into spot buying, or are hedged out by derivatives. Don’t just get excited and treat what you see as causation. By the way, I want to complain about the modular and DAO-layer narratives—developers talk a lot, but most users are still asking, "So what exactly do I need to click?" Anyway, I’ll just wait until I know where to strike.