Just saw someone post a screenshot of stablecoin supply curves alongside ETF net inflow and immediately started shouting "Offshore funds are coming in,"

I felt a mix of amusement and panic in that moment...
Correlation can be so deceiving, honestly, an increase in stablecoins might just mean people are selling risk assets to hide, or OTC is replenishing inventory, which doesn't necessarily mean a rally.
That ETF money isn't just poured onto the chain with a button; the process is complicated.
Airdrop season is now being treated like clocking in at work, with task platforms adding more anti-witch measures,
Many people are simply holding stablecoins to wait and see, waiting for a sentiment turning point before rushing in.
I'm quick too, but I really don't want to be the "data looks great" bag-holder.
That's all for now.