Recently, I've seen everyone interpret the increase in stablecoin supply, ETF inflows, and off-exchange funds all together, which sounds pretty satisfying but also quite risky… To put it simply, correlation does not equal causation. An increase in stablecoins could mean waiting for opportunities, or it could just be moving from other chains/platforms, or even someone minting them first as "ammunition" but never actually firing.

I thought that this wave of ETF net inflows would immediately lead to a rally, but when risk appetite in the US stock market changed, the crypto market also became cautious, making my small leverage position feel like hot noodles with chili—burning my mouth. Anyway, I now prefer to treat it as an emotional indicator: when enthusiasm rises, I reduce my bets a bit, and don’t interpret “funding stories” as “inevitable scripts,” or else I can’t blame anyone if I lose money. That’s all for now.