👀 THREE THINGS I’M WATCHING

1. Stablecoin adoption

Not just market cap.

Actual payments, settlement and economic usage.

2. Institutional capital

Not headlines.

Actual capital allocation.

3. On-chain economic activity

Not vanity metrics.

Real fees.
Real revenue.
Real settlement.
Real users.

Because the next supercycle may not be measured only by how high Bitcoin goes.

It may be measured by how much of the world’s financial activity quietly moves on-chain.

And here’s the uncomfortable question:

WHAT IF THE NEXT CRYPTO SUPER CYCLE HAS ALREADY STARTED…