These past couple of days, I’ve seen people use the stablecoin supply curve to line up with ETF net inflows, and then start drawing conclusions. Honestly, I’m a little afraid of this kind of “it looks like cause and effect” situation. When there are more stablecoins, it might only mean everyone is parking their money on-chain first and waiting for opportunities. ETF inflows and outflows could also be due to off-exchange rebalancing, and the timing may not be synchronized. And on top of that, there are all kinds of twists and turns in the middle—cross-exchange routes, market-making, hedging, and so on.

Now with new L1/L2 projects offering incentives to pull TVL, I totally understand the complaints from long-time users about “mining, unstaking, and selling.” Sometimes that on-chain money is like migratory birds: it flies in and out, but that doesn’t necessarily mean it truly wants to stick around. Anyway, I’m still the same—I’ll keep slowly watching where the funds come from, how long they stay, and where they go. Don’t greedily chase too much engagement/interaction; keep it clean. With the right mindset, it’s less likely your mentality will be dragged around by charts.