Recently, some people have been talking about the supply of stablecoins and ETF inflows and outflows, and it seems everyone is too eager to treat correlation as causation. More stablecoins don't necessarily mean an immediate surge; it might just be that off-chain funds are temporarily staying on-chain to observe. ETF inflows also don't always directly convert into spot buying; sometimes it's more like emotional endorsement. Ultimately, you still need to look at the order book's depth and the order cancellation rhythm—once the pseudo-liquidity is exposed, you'll know. New L1/L2 projects that offer incentives to boost TVL are more obvious, with mining, staking, and selling in a one-stop process; the data looks good, but the market doesn't match up. Anyway, I tend to focus more on order cancellations than on candlestick charts. That's all for now.