I'm not very good at macro stuff, but these past couple of days, after reading discussions about stablecoin supply and ETF inflows, I’ve been reminded: don’t jump to conclusions and assume "so-and-so caused this" just because two lines move together. There are many paths for off-chain money to flow in, it can go directly to exchanges, turn into stablecoins first, or even wait a few days before acting... On-chain data is like the weather; a consistent wind direction doesn’t mean it’s the same breeze.

By the way, I also thought of the recent criticism of the staking and shared security model as being "copy-pasted," and I can understand: after yields stack up, people prefer to find a simple indicator as an anchor (like "stablecoins are rising/ETF buying"), which makes them feel more secure. But honestly, the risks also accumulate, and the correlations are easier to misread. Anyway, I’m just treating it as keeping a diary now—writing down changes as I see them, without rushing to draw conclusions.