I saw an opinion that I found quite interesting. It said that when stablecoin supply increases and ETFs see net inflows, people assume that over-the-counter funds are about to aggressively pump the market. In reality, correlation doesn’t equal causation. Last week, I was also watching on-chain data, and I found that some big players were quietly moving funds to cold wallets. During the hardware wallet shortage period, it was more like coin-hoarders were taking precautions rather than fresh money entering the market. Don’t rush to treat a phenomenon as the result. In the peak of phishing link spam, people’s security awareness has really improved, but where exactly the over-the-counter funds are going is still something we need to figure out by looking at how on-chain money flows split. Anyway, lately I’ve been watching a few major addresses to see what they’re doing—it’s more reliable than listening to the news.