Recently, I saw someone use the supply curve of stablecoins to "prove" that ETF money has come in, which is pretty easy to get emotionally involved in... There is correlation, but don't immediately assume causation. An increase in stablecoins could also mean that OTC traders have already exchanged for bullets in advance and are waiting; they don't have to enter the market to sit there. An ETF with net inflows doesn't necessarily push the market up immediately; there’s a lot of slippage in the transaction process, and a thin order book can teach you how to behave.

By the way, Layer 2 is constantly arguing over who has stronger TPS, fees, or subsidies. I see it more as a competition for attention and liquidity. While it's lively, in the end, it all comes back to whether there are genuine buy orders. I’ll be honest now: focus on depth and order book, don’t be swayed by a few charts, if you really want to trade, do it gradually in batches, survive first and then talk.