Someone asked me if the supply of stablecoins increasing means a price rally, or if ETF inflows automatically mean a bull run. Honestly, I don't really believe in stories that look like that. When monitoring on-chain abnormal transfers at night, I often see: the supply going up might just be minting without actual market entry, or it could be exchanges or market makers moving assets around. If the timelines don't match, don't force a causal link. The same applies to ETFs; inflows are just a phenomenon. Whether the subsequent increase is from off-chain additions or other funds shifting positions depends on net flows, custody addresses, and the on-chain settlement rhythm. Don't just focus on a single indicator.

By the way, recently there's been a lot of noise about NFT royalties. It's actually quite similar: how creators' income and secondary liquidity are balanced can't be explained by a simple "cancel or keep" decision. We should lay out the data and the process first before arguing. Anyway, I prefer to proceed based on evidence, even if it’s slower.