Recently, everyone has been drawing lines based on stablecoin supply and ETF net inflows, with a tone like "money coming in = immediate skyrocket." I actually have some doubts. An increase in supply could just be repositioning, market making, or even moving on-chain; it’s not the same as real cash flowing in from outside the market. As for ETFs, they’re more like an amplifier of sentiment, making narratives more palatable, but you can’t really say they are the trigger for the next big candle. To put it simply, correlation can be very misleading, especially when everyone is looking for a "reasonable reason" to comfort themselves.

By the way, the heated debate over the compliance boundaries of privacy coins/mixers is the same—arguing more fiercely seems like trying to find an exit for funds, but that doesn’t mean the exit is guaranteed. Never mind, I’ll go take a look at the floor prices of some old NFT series.