Honestly, recently everyone has been watching stablecoin supply, ETF net inflows, and combined with the conclusion that "off-chain funds are coming," it feels like they are treating correlation as causation. An increase in stablecoins could be a backup, or it could just be repositioning, market making, or even just moving on-chain; inflows and outflows in ETFs don't necessarily mean they will immediately transmit to the chain.

In the group these days, there’s been repeated talk about "regulation," "reserve audits," and "de-pegging," which has suddenly heightened emotions, but I’m not sure how these messages will actually play out. Anyway, my usual approach remains the same: don’t fully load your positions, don’t get over-leveraged, and if problems really arise, prioritize survival before talking about opportunities.