I just checked on-chain—ETH is clogged up again, and gas has shot up to over 70. The stablecoin supply is steady, and off-exchange USDT is still trading at the same price, but those ETF inflow figures somehow seem to move in sync with the on-chain congestion. My roommate asked me if something big is happening again. I told him it’s just people “moving bricks” for some quick money—don’t think too much into it. Correlation is like my roommate snoring and the convenience store downstairs closing its doors: it looks like there’s a connection, but in reality it’s just that the timing happens to line up.

Speaking of correlation, the recent NFT royalty drama has been pretty interesting too. Some people say low royalties lead to weak secondary liquidity, but I don’t think that’s the whole story—more often, it’s that everyone’s wallets have gotten smaller. When it comes to capital flow, to put it plainly, it’s sometimes the same as on-chain congestion: someone’s sweeping orders, or it’s just bots glitching. I don’t know how to explain it clearly—anyway, watching the gas curve matters more than obsessing over the news.