Last night before bed, I checked the data and saw someone using the stablecoin supply curve to make a hard bet on ETF inflows and outflows, and I casually concluded "off-exchange money has come in." Frankly, I don’t really believe this correlation = causation thing; the increase in stablecoin issuance could be for market making, hedging, or even chain switching for backup funds, which may not necessarily be related to "new money" as you imagine.

Not to mention, these past two days, cross-chain bridges have been hacked again, with funds moving back and forth between chains. On the surface, it looks lively, but underneath, it might just be repositioning after a scare. And that wave of oracle abnormal quotes—everyone keeps saying "waiting for confirmation," consensus is forming, but it seems more like dragging out time to find a way out. Anyway, I now see capital flows only as a temperature gauge of sentiment, not as a driver of the plot.