Just finished noodles and watching the market, the K-line suddenly jerks and twists like a reflection in a puddle on the road, and my mind also twists along: whenever I see stablecoin supply increase a little, someone says "off-chain money is coming," and when ETF trading heats up a bit, they say "institutions are opening the floodgates," honestly, correlation doesn't necessarily mean causation... Sometimes it's just everyone moving things around, market makers replenishing inventory, or whales shifting around, and retail investors start to get self-congratulatory. Recently, I also compared RWA, US Treasury yields, and on-chain yield products; I get tempted too, but thinking about how interest rates change or risk controls tighten, that "stability" on-chain might also become unstable. Anyway, I’m currently watching whether funding rates and on-chain inflows are keeping up, don’t just rely on stories to boost your confidence.