Just saw someone point to an increase in stablecoin supply, saying that over-the-counter funds are about to move in, and they even used ETF inflows as supporting evidence—feels pretty interesting. But honestly, there is some correlation between the two, yet it’s not necessarily that one caused the other. More stablecoins could simply mean people are trading more frequently, and ETF inflows could also be institutions hedging. In the end, the data is right there, but the causal relationship deserves a big question mark.

Speaking of this, social mining and fan tokens have been popping up again lately—things like “attention is mining,” which sounds lively. But the truth is, I feel more like someone watching the current from the riverbank, not like a surfer charging into the waves. As for attention, something can be mined today and mined away tomorrow; in the long run, only things that are genuinely valuable will remain.

As for me, I’d rather look at the on-chain structure a few more times—I’m not in a hurry to chase hot topics. That’s it for now.