I want to say something. Recently I’ve been seeing everyone talk about stablecoin supply rising, and ETF funds flowing in, and then people started shouting, “This bull run is solid.” I just feel that… correlation is a funny thing. It’s like you see colorful light on the window and think it’s the glass’s own color, only to find out it’s sunlight coming in from outside. The total stablecoin market cap recovering does follow the data pattern with over-the-counter funds coming in through ETF channels, but you can’t directly claim that ETF inflows are what boosted stablecoin supply. Maybe it’s that OTC funds stocked up on stablecoins first, then gradually bought ETFs? Or maybe it’s just on-chain liquidity arbitrage money moving around? Either way, I personally prefer to treat these as two different panes of colored glass—light passing through, and the result is the patch of light on the floor. That’s what we should be looking at.

Recently, the points-based system has made “farming” feel like work—witches going back and forth, over and over, and it feels like everyone is grinding with their lives. I can’t be bothered to figure out who came first or who caused what. Anyway, capital flows at its own pace, and chasing cause-and-effect can easily get you worked up. Alright, that’s it—midnight rambling is over.