Recently, I saw a bunch of people using stablecoin supply curves to make assumptions: supply increase = price rally, ETF inflows = off-chain money pouring in... Frankly, the correlation seems quite similar, but don’t rush to assume causation. An increase in stablecoins might just mean everyone is shifting their positions from "gambling coins" to "waiting and watching," and ETF net inflows don’t necessarily mean you’ll immediately get the small ecosystem tokens of that chain in your hands. The path is long, and along the way, it could also be diverted by futures, hedging, or market making.

By the way, I want to complain about that main public chain needing upgrades/maintenance, and the community starting to speculate, "Will there be a collective migration?" Every time I see such discussions, I get a little uneasy: a real migration isn’t necessarily good news, and when cross-chain bridges get lively, black swan events can easily follow... My current principle is: if I don’t have to, I won’t intervene; survive first, then talk.