Just finished eating a late-night snack and browsing on-chain, and I saw someone else shouting that “ETF off-chain funds have arrived” after topping up with stablecoins, and I felt like laughing a bit… Correlation really shouldn’t be mistaken for causation.

More stablecoins could mean they’re preparing to buy, or it could just be moving funds between wallets, doing arbitrage, setting up perpetual margin, or simply waiting for opportunities—anyway, there are plenty of reasons.

The ETF side is more like water pipes slowly queuing to get into position, not a floodgate that opens immediately just because something on your side goes up.

By the way, I also want to complain about the whole social mining and fan token scheme of “attention is mining.” To put it plainly, a lot of the time it’s just everyone refreshing/retrying to get allocations. It’s lively, sure—but the people who stick around may not be as many.

I’m following the old rule now: only move if I understand; if I don’t, I’d rather miss out.