Stablecoin issuance and ETF inflows are brought up every day, as if printing money automatically means the price must go up… But really, more money is one thing—where it actually flows is the real issue. Now modularity is all the rage; the DA layer is packed with a bunch of new buzzwords. In developer circles, it’s “revolution, revolution” every day. I asked a few friends, and basically they just replied, “What? Is there any way to get something out of it?”

Put simply: money over the counter is watching from the sidelines, while money in the market is cutting each other up. If you’re staring at a line chart of stablecoin supply trying to draw conclusions, you might as well look at the liquidation map to see where it’s thinnest. In any case, I’ve already taken half my leverage off; the rest is set up with stop-losses. Whatever happens, happens.