I just saw a post that claimed that ETFs had net inflows of this much, and then a bunch of people started shouting, “The bull is back—return fast!” Honestly, every time I see this kind of direct equation, I get a little… well, how should I put it—like treating “it’s raining” and “the ground is wet” as a cause-and-effect relationship. In reality, there’s still a step in between: the “water hasn’t dried up” part, right? 😅

Stablecoin supply is actually more worth looking at—it reflects the real willingness of actual money to stay in the venue. Recently, RWA, US Treasury yields, and on-chain yield products have been put side by side for comparison. To be honest, with US Treasuries at 4%+ right now, the yields from on-chain DeFi don’t have much appeal unless they offer very high alpha. But from another perspective: if on-chain can steadily produce yields that are slightly higher than US Treasuries, then the capital will naturally be drawn over—it's just going to take time.

Anyway, for my little glass bottle, I’ll just keep waiting slowly, and in the meantime, I’ll also do a bit of research on the witch rules—so I don’t get caught in the wrong way. Win or lose, you’ve got to accept the outcome, but you still need to do your homework, right.