I've been lurking in the group for a long time, but I can't help but say: recently, everyone has been watching the supply of stablecoins, ETF inflows, and various rumors about off-market money, which easily leads to the imagination of "a single line driving the entire market." But frankly, correlation does not really equal causation; more stablecoins might just mean someone has loaded their ammo but hasn't fired yet, and the hotness on the ETF side could be due to rebalancing, hedging, or institutional rhythm completely different from retail investors.

I'm running a small verification myself, constantly monitoring uptime, liquidation risks, governance disputes—these boring things—yet I'm more worried that everyone might mistake "money seems to be coming in" for "risks are reduced." Especially now, with the staking/sharing security model, being criticized as a "nested doll" isn't without reason; the more beautiful the yield stacking, the more I have to ask: who is ultimately bearing the risk? Anyway, I prefer to go slow on my side, so I don't get carried away by narratives.