This morning, I saw the stablecoin supply increase again while browsing the chain, and the comment section immediately started speculating "ETF funds are coming." I'm actually quite worried about this kind of speculation that treats correlation as causation: an increase in supply might just be market making, cross-platform arbitrage, or even everyone stocking up on ammunition in advance, and doesn't necessarily mean new money is entering the market. The ETF side is more like another channel, intertwined with off-exchange deposit and withdrawal sentiment, especially since recently some places have increased taxes or changed compliance policies, so it's normal for many to watch and hide first. Anyway, I see these data points as a thermometer, not a prophecy. As for "long-term," for me it's probably about a quarter; I need to endure a few more emotional swings first.