Recent observations show that some people equate “increased stablecoin supply / ETF net inflow” directly with “the bull is coming,” but I’ll just press pause for now… The correlation feels quite like quest guidance in a game, but it doesn’t necessarily mean you’ll get an orange gear. How the off-chain money enters, whether to buy immediately, whether it will go into market making/hedging after buying, and who’s right about whether it’s on-chain or off-chain, all these circles are uncertain.

The reason I stay calm is a small habit: every time I feel FOMO, I first review the airdrop tasks I have, and casually write down a pitfall checklist. After doing that and looking at the chart again, my emotions generally cool down, at least I won’t take “seeing data” as “finding causality.”

Additionally, the community is also quite noisy about privacy coins/mixing coins, to be honest, as compliance boundaries tighten, capital behavior might become more tangled, so don’t rush to draw conclusions… Let’s leave it at that for now, and continue to do side quests.