Recently, someone again brought up the supply of stablecoins and ETF inflows and outflows, feeling like everyone is eager to find a "single explanation." But honestly, correlation does not equal causation; an increase in stablecoins could be due to on-chain circulation, market making, lending activities, or it could simply be that someone is stockpiling bullets but hasn't pulled the trigger yet. On the ETF side, it’s more like an over-the-counter rhythm, which may not immediately translate into on-chain transactions. Don’t jump to conclusions just because the curves are rising together...

Lately, the "compound yield" from staking/sharing security has been criticized as a copycat scheme, which I can understand. Money circulates within the system, and the indicators look good, but the risks could also be compounded. Anyway, I personally focus on the rhythm of bundling and Gas fees. When congestion is severe, emotions are most easily influenced, so it’s best to stay calm for a moment before taking action.