Just saw someone draw an equation between stablecoin supply and ETF inflows, claiming it’s clear evidence that foreign capital has entered… Laying the data side by side does look like it might be so, but correlation doesn’t equal causation. Look at that “shared security + yield stacking” play with re-staking—at first they hyped it to the skies, and now aren’t they getting blasted for it as a “matryoshka doll” scheme? The surface logic may run, but whether there’s real backing underneath is another matter. Anyway, when I watch the mempool, I’ve seen too many people rush in with the posture of “this is bullish,” only to get trampled. Don’t trust the macro narrative puzzle too much—whether liquidity is there or not, what matters is the slippage in your own wallet.