Recently, I saw someone directly translate "the supply of stablecoins has increased" as "the bull is coming," which made me a bit amused and a little panicked... Frankly, an increase in supply might just be exchanges preparing reserves, moving market-making funds, or even on-chain transfers for fun; it doesn't necessarily mean someone is really about to rush in and buy. The same goes for the ETF side, where subscription and redemption, as well as off-exchange capital inflows and outflows, are like... kind of like... radio tuning: hearing more noise doesn't mean the program is better, it might just be someone adjusting the antenna. By the way, watching Layer 2s argue over TPS/fees/subsidies, it's as noisy as a forum, but excitement ≠ growth. Anyway, I'm more concerned now with the emotional transmission chain—don't mistake correlation for causation, it's easy to fool yourself into being overly invested.