Recently, I've seen people say that when stablecoins supply increases, "ETF funds are coming in," and it’s making me a bit suspicious... Honestly, the correlation is too easy to fool oneself. An increase in stablecoins could just be an off-chain shell waiting for an opportunity, or moving around within exchanges—it's questionable whether that’s the same as genuine buying pressure.

What I care more about as a "signal" are those unnatural delays on the chain: the same set of addresses suddenly becoming very active at different times, or the feeling of someone stalling you for half a second before a trade matches. Of course, ETFs influence sentiment, but don’t just assume causality and fill in the gaps when you see hype.

By the way, I’ve also been quite conflicted about the recent social mining and fan token schemes—those "attention is mining" models... Attention is indeed valuable, but is it a verifiable signal? Anyway, I’ll treat it more as noise for now, and wait until there are real on-chain traces.