Over the past two days, I’ve seen some people use the curve of stablecoin supply to line up with ETF net inflows, saying, “See, funds are coming in, so it’s going up.” That’s when I feel like pouring some cold water… More stablecoins might just be an off-exchange “shell” sitting there, or funds being shuffled around within exchanges—something that isn’t necessarily the same thing as real market entry and buying. The ETF side is similar too: net inflows ≠ immediately turning into spot buy orders; sometimes it’s more like a sentiment thermometer.

Anyway, for myself, I’d rather keep an eye on on-chain traces of “hidden liquidity” slowly surfacing, instead of being led around by a correlation chart. By the way, with the modular/DA-layer narrative, developers are excited, but ordinary users are still asking, “What does this have to do with my wallet”… Let’s just observe for now—don’t rush to treat the story as a conclusion.