Lately, I've been obsessively watching stablecoin supply data until my eyes are blurred... Whenever it rises, someone says "Off-chain funds are coming in, the bull market is near," I admit I used to think the same way, chasing the rally until I doubted everything. Now that I think about it, correlation does not equal causation. ETF subscriptions, market making and rebalancing, internal exchange rotations, or even just changing shells and moving things around can all push the curve up, but that doesn't mean someone is immediately putting real money into the market.

I'm just an impulsive retail investor, now forcing myself to write down my entry reasons: the structure hasn't broken out, trading volume isn't matching, so no matter how lively it gets, I can wait a bit. By the way, recently miners/validators' income, MEV, and fairness in ordering have been heavily criticized again. Honestly, even if the chain is made more "public," retail experience will still be affected... Anyway, I trust what I can understand more now, and I won't be led astray by data.