EchoOfL2

Recently, I've been seeing everyone explain ETF inflows and outflows using stablecoin supply increases and decreases, and I find it a bit awkward... There is some correlation, but don't rush to treat it as causation. When off-chain funds come in, they don't necessarily first turn into stablecoins; they might go through custodians or brokerages first, and what we see on-chain is only the last part. Plus, current on-chain data tools and tagging systems are often criticized for being laggy or misleading; sometimes a large address just changes its alias, and the narrative shifts accordingly. Anywa

As long as the high and low point structure remains intact, the short-term bullish trend is indeed still under control.