I just closed the market page earlier to avoid myself from constantly staring at those fluctuations. Recently, everyone has been talking about stablecoin supply, ETF inflows and outflows, over-the-counter funds, and so on. I think it's important not to mistake "related" for "causal" just because it's convenient; an increase in supply doesn't necessarily mean someone is actually buying. It might just be a different container or a different route being used. From my perspective on this side of the bridge, it doesn't matter where the money appears; how it flows, who bears the risk, and who takes the blame when something goes wrong are what really matter.

As for the additional staking and shared security models, which are often criticized as "layering" or "nesting" profits, I can understand that too. The more layers there are, the more it seems like risk is being hidden inside multiple layers of packaging. When something really happens, accountability will be even more confusing.

Anyway, I’m mainly watching the on-chain flow and liquidation points, and not letting narratives carry me away.