Recently, someone has been using the supply curve of stablecoins to suggest that "ETF funds are about to lift the market," and hearing that makes me feel a bit guilty... Correlation can be very deceptive. More stablecoins might mean people want to enter the market, or it could just be everyone moving their positions on-chain or on exchanges, waiting for opportunities. Honestly, it's more like "ammunition in the box," not necessarily ready to fire. The same goes for ETFs; inflows of off-exchange funds don't mean they'll immediately pour into the coin you're watching, there are many frictions along the way.

Looking further into staking and shared security models, being criticized as a "copycat" is actually normal. The compounded returns look attractive, but when sentiment cools down, everyone wants to be the first to run. I’ve learned my lesson: whenever I see narrative shifts, I cut my position first—don't wait until the poem is finished, or your holdings will have been turned into prose by the market. (My hands are too clumsy.)