Sigh, I keep seeing screenshots in the group chat about stablecoin reserve audits, with the caption “depeg warning”… Honestly, every time this kind of commotion comes up, I take a sip of tea before I say anything.

Don’t directly equate stablecoin supply with ETF inflows. And don’t see over-the-counter funds move just a little and immediately shout that the market is back up. Correlation isn’t causation—how long you’ve been looking at the data trail on that logic is basically how long I’ve been staying calm. Recently, that wave saw the USDT supply rise, but the real question is: where is it actually going? Into DeFi staking, or is it just CEX churn? Figuring out that path is more useful than staring at total supply and guessing the direction.

Anyway, I feel like stablecoins and ETFs are more like two parallel-universe narratives right now—everyone plays their own game, and they only overlap now and then to make things lively. You want my approach? First, look at the on-chain structure—don’t let emotions set the pace. At the end of the rumor trail, it’s often followed by a pullback, and then it’s back to talking with data. That’s it for now.