Lately I’ve seen people draw a one-to-one line between stablecoin supply, ETF net inflows, and price action—look, there is some correlation, but don’t use it as a cause-and-effect hammer. Money coming in over the counter doesn’t necessarily mean an immediate buy of the coins; sometimes it’s just moving funds into a “parking lot,” or waiting for the wind to change, or even shifting positions for hedging. The macro chain of logic is quite long—break it in the middle and you can end up telling a completely different story.

I also have some doubts about the whole “social mining” and “fan tokens” setup—the idea that “attention is mining.” Attention is indeed valuable, but it’s too slippery: when things are hot it’s like a perpetual-motion machine; when it cools off, you can’t even find someone to take liquidity off your hands.

My own way to avoid impulsive placing orders is pretty crude: when I see something I want to chase, I first turn off the K线 chart, go pour myself a cup of water, and when I come back I only allow placing a single small order—or I don’t place one at all. Then I write one sentence for the reason; if I can’t write it, then that’s that. In any case, fewer arguments—taking it slow is not a big deal.