Just saw someone bringing up stablecoin supply, saying that once the ETFs come in, USDT will be minted, and then that means the bull market is guaranteed. But it’s better to treat this kind of correlation as a quick look only—it doesn’t necessarily mean cause and effect. The recent on-chain whale behavior has been pretty interesting: after that round of rehypothecation “matryoshka” talk got loud, but the actual fund flows were fairly split—one side is sucking up liquidity while the other side is pulling funds out. If I had to keep just one habit, it would be to watch on-chain behavior.