Recently, I've seen people using stablecoin supply curves to force-fit into ETF inflows and outflows, but honestly, correlation does not equal causation… The increase in stablecoins might be for market making, cross-exchange arbitrage, OTC stockpiling, or even just someone holding a shell company waiting for an opportunity, which doesn't mean they need to rush into spot markets immediately. On the ETF side, the inflow and outflow of off-exchange funds also follow a rhythm, and it's not the same pipeline as on-chain liquidity. Don’t jump to tell stories just because two charts seem to overlap.

Right now, I’m mainly watching routing and slippage: when liquidity is thin, MEV and sandwich attacks come rushing in as if smelling something, and the ones losing out are folks like you and me who are careless. Also, there’s modularization and DeFi layer narratives—developers are talking about it passionately, but I’m a bit slow to catch up… I just want to see if actual users find it cheaper and smoother, otherwise it’s all just PPT. That’s all for now.