I just saw someone say that when stablecoin supply rises, ETF money comes in too, and over-the-counter capital also enters the market... but I honestly feel like this isn’t that simple. Correlation doesn’t equal causation. On-chain data leaves me overwhelmed—node distribution and the state of the consensus layer are a more reliable signal. Lately, miners/validators’ income has been getting eaten up by MEV too aggressively, and retail traders’ complaints about sorting fairness have not been new either. Anyway, I’ll first check whether the L2 sequencer shows any abnormal activity, then combine that with the distribution among stablecoin issuers. Don’t jump to conclusions yet. Panic in words, steady in process—so for now, that’s it.