These days, some people are using "the supply of stablecoins has increased again" and "ETF net inflows" as universal switches, saying that money coming in from off-chain = immediate surge... I find it a bit unsettling to hear. Frankly, the correlation looks apparent, but it doesn't necessarily mean causation. An increase in stablecoins might just be that everyone is hoarding them in anticipation of opportunities, or engaging in arbitrage, market making, or even waiting for the main public chain on which they are built to upgrade or be maintained, to see if the ecosystem will migrate chaotically, with money staying at the door first.

I'm not regretting the outcome, but rather regretting that I once impulsively took "possible" as "inevitable," and then kept increasing my position. Now I keep a small position, monitoring margin, preferring to miss some volatility rather than be liquidated again by my own assumptions... Anyway, I don't want to experience that again.