Recently, I've seen people again using the stablecoin supply curve as a "bull market switch," and they quickly jump to conclusions by just posting ETF net inflows... I understand, when the chart goes up, you want to rush in, after all, I’m also the type to buy after a rally. Others think that more stablecoins = more off-chain money coming in, but in reality, many times it's just money changing hands on-chain or circulating back and forth, which is not the same as new buying pressure.

Don't overhype the ETF side either; honestly, capital inflows and outflows are related to sentiment and hedging needs, not necessarily pushing spot prices higher all the way. Recently, discussions about rate cut expectations, the US dollar index, and risk assets acting erratically have been quite noisy. The correlation looks very smooth, but I’m now more inclined to focus on address activity and perpetual position changes... Anyway, I’m stubborn, and I’ll still press the button, just think for 3 seconds longer before doing so.