Recently, some people are comforting themselves with the idea that “stablecoin supply is rising = a bull run is coming,” and honestly, listening to it makes me a bit tired… Correlation is not causation. Net inflows into ETFs don’t necessarily mean that off-exchange money will keep chasing in; most of the time, it’s just switching channels, switching holdings, or simply hedge positions moving around. Put plainly, the capital structure has become more complex—don’t use a single indicator as a crystal ball.

Right now, I’m just setting smaller goals for myself: make fewer trades, and keep a thicker collateral buffer—I'd rather earn less than get “educated” by a liquidation. By the way, let me rant: over on Layer 2, they’re still comparing TPS, fees, and subsidies, arguing loudly like they’re fighting over the mic, but in the end, whether they can really retain borrowing demand… Anyway, I pay more attention to actual on-chain borrowing and liquidation data—don’t let empty chatter set the pace.