Recently, many people have been treating "the supply of stablecoins increasing = big funds are about to enter" as an ironclad rule, and I find it a bit amusing... The correlation is so misleading. Frankly, more stablecoins might just mean switching to a different parking lot or waiting outside for clearer signals; with ETFs, it's the same money moving back and forth, making it look like "incremental growth," but it might not be.

Just like in the past couple of days, before the main public chain upgrade/maintenance, everyone in the group was guessing whether the ecosystem would undergo a major migration. I see on-chain more as emotions moving first, liquidity following later; whether a migration happens or not, it's often not decided at the announcement moment, but when everyone realizes they can't escape or can't hold on. Anyway, I only dare to buy the bottom in batches, so I don't get fooled into going all-in by a few curves; the biggest loss isn't usually the price, but the mental assumptions.