Recently, someone has been using the supply increase and decrease of stablecoins to promote the idea that "ETF funds are coming in / have come in," and just hearing that makes me a bit anxious... Correlation does not equal causation, after all. In simple terms, having a few more tokens on-chain doesn't mean there's actually more buying outside the market; it could just be internal wallet shuffling, market making stockpiles, or even bridges going back and forth. On the derivatives side, when funding rates get tangled, retail investor sentiment immediately follows, while whales seem pretty calm about arbitrage.

By the way, I want to complain about the testnet incentive system—everyone's calculating points, guessing whether the mainnet will issue tokens, making it seem like as long as you click enough times, you can win the lottery... I actually had a moment where I wanted to quit and uninstall these apps, to avoid the eye fatigue, but my hands are still greedy. I checked the on-chain data again and ended up staring at the charts. Forget it, I’ll leave it at that for now.