Recently I’ve been looking at on-chain data: stablecoin supply has actually been quietly rising, but net inflows on the ETF side haven’t kept up—how should I put it? A lot of people see that the ETF is buying and start shouting “bull run incoming,” but I can’t shake the feeling that we need to check whether the off-chain capital has really come back. Lately there’s been a lot of talk about RWA and US Treasury yields. On-chain yield products keep comparing numbers back and forth; honestly, a 4% dollar-denominated bond trust and 5% on-chain stablecoin yield are absolutely not the same risk exposure. Don’t treat correlation as causation—save the screenshots, and revisit them later.