Recently, I saw someone equate "the supply of stablecoins going up / ETF net inflow" directly with "the bull is coming," but I’ll just hit pause for now… The correlation feels quite like quest guides in a game, but that doesn’t mean you’ll definitely get an orange gear. How the off-chain money gets in, whether to buy immediately after it comes in, whether it will go to market making/hedging afterward, and who’s right about whether it’s on-chain or off-chain, all these circles are uncertain.

The reason I stay calm is a small habit: every time I feel FOMO, I first review that pile of airdrop tasks I have, and casually write down a pitfall checklist. After doing that, I look back at the chart, and my emotions basically cool down, at least I won’t take "seeing the data" as "finding the cause."

Additionally, the community arguing loudly about privacy coins/mixing coins, honestly, as compliance boundaries tighten, capital behaviors might become more tangled, so don’t rush to draw conclusions… For now, let’s keep going and continue with side quests.