I was just about to add that batch of DAO proposals, but then I went to check the stablecoin supply curve first… and someone in the group said, “When stablecoins rise = off-chain money is coming in = ETFs are pumping,” it sounds pretty reasonable, but honestly, the correlation shouldn’t be mistaken for causation. An increase in stablecoins might just mean people are arbitraging, market-making, or even just switching wallets to rest on the chain and catch their breath, not necessarily “buying pressure on the way.” ETFs are more like a big water pipe; whether it opens or not, which way the valve flows, and the changes in on-chain balances may not be synchronized.

What’s more annoying is that the tagging system of current on-chain data tools is still criticized for lagging or misleading; the same amount of money can be layered with multiple aliases to tell two different stories… My procrastinating self, looking at data for the last hour, feels more and more like gossip: the information is there, but who’s playing whom is uncertain. Anyway, I’ll hold back the impulse to “see the trend and immediately bet,” and wait until the voting and lessons are done.