Over the past two days, I’ve seen a bunch of people take the stablecoin supply curve and use it to draw “cause-and-effect lines” against ETF net inflows—honestly, it’s pretty easy to self-hypnotize… Correlation ≠ causation. Off-chain money sometimes is just moving between pockets; sometimes it’s even just internal transfers within an exchange—looks lively, though.

I thought that with more stablecoins lately, it must mean “it’s about to take off.” But then I checked on-chain: the number of new authorization pop-ups is ridiculously high. All kinds of testnet incentive pages, points expectations cranked to the max—then, as a bonus, a line like “Will the mainnet issue tokens?” to pull people over to sign… Anyway, I cleared the permissions first. Whether it goes up or not is anyone’s guess—meanwhile, your wallet permissions are already gone because you clicked them away.