In the middle of the night, I saw someone equate "the increase in stablecoin supply + ETF inflows" directly with "off-exchange funds coming in to push the market," and I got a bit frustrated... The correlation really doesn't equal causation. More stablecoins might be due to market makers, chain swaps, lending activities rolling around, or maybe everyone just moving positions from other coins to a "safer" place to sit tight; with ETFs, it's also about how subscription, redemption, and spot liquidity are transmitted—there are many steps involved, don't just say "money has come in" and call it a day.

Recently, in some regions, tax increases and regulatory winds have been tightening and loosening, causing bigger swings in deposit and withdrawal expectations. Many people are actually just "waiting and seeing," not necessarily opening positions immediately. Anyway, I still stick to my old habit: if I see my wallet still has unlimited authorization, I withdraw it first. I can't predict how the market will move, so if I can reduce exposure, I do.