Research the dates for a few key indicators. The big coin bottomed on July 1, and that marked the end of the bear market. Robinhood’s chain went live on the same day. The largest stablecoin company, Circle, hit its bottom on August 3 and then started to rebound. Without any esoteric divination, can we understand the connection as this: Robinhood first lit the spark by driving on-chain activity in the U.S. stock market and the demand for compliance, and then that led to a surge in stablecoin demand, with trading volumes rising afterward? But if we reason in reverse, would it be that Circle first topped out, and then that effect transmitted to Robinhood and then to the big coin? If that speculation holds, it would also serve as an important metric to watch in this new market structure. Let’s wait and see.