Someone asked me: if there’s more stablecoin supply, can it directly pump the market? I said, don’t turn correlation into causation. Look at the ETF funds that are seeing net inflows every day—yet BTC still hasn’t gone to the moon. That little bit of off-exchange liquidity isn’t enough to fill the exchange’s trading pools. Recently I heard that hardware wallets are out of stock. It’s good that people’s security awareness is improving, but don’t think buying a cold wallet means everything is all set. If you’re still clicking phishing links, that’s basically the same as not locking the door. As for me, I’m the type who likes studying crash samples, so I care more about whether there are any anomalies in on-chain fund flows than about staring at ETF data.