This morning, I checked the on-chain stablecoin supply again, and I saw in the group chat that "ETF coming in = stablecoins definitely rising = market stabilized" was linked together. Honestly, the correlation is pretty easy to see, but don’t rush to treat it as causation. Off-chain funds sometimes circle around with brokers first, or simply stay on the fiat side observing; on-chain data is just a shadow, not a switch.

Recently, incentives on testnets and expectations for points have heated up again. Everyone is guessing whether the mainnet will issue tokens. I also look at the number of addresses and interaction rhythm, but I’m more afraid of interpreting "more people doing tasks" as "real money is coming." Anyway, I just see myself as observing traffic now, not trying to add storyline to my thoughts. Taking it slow doesn’t matter.