These days, someone is once again using the curve of stablecoin supply to force-fit ETF funds, honestly the correlation looks similar, but don’t rush to see it as causation. Sometimes, money coming in off-chain first stays in custody or market-making accounts, on-chain supply only moves a few days later, or not at all.

Last night, I tracked a path: a certain CEX hot wallet first sent out 3,200,000 USDT to a relay address, then it took two hops before reaching the market-making address, during which a small fee of 0.07 ETH was also tested... With more of these small moves, charts become even less like crystal balls.

As for the recent social mining and fan token schemes where “attention equals mining,” I also find it quite mysterious. Attention is indeed valuable, but whether it can turn into sustainable buying pressure, I’ll just put a question mark for now, just like that.