We're in a USD stablecoin season, not a supercycle.

That's the real market narrative right now. While everyone's looking for signs of a full-blown supercycle, the actual on-chain behavior and trading patterns suggest we're in a phase where stablecoin accumulation is the dominant force. Traders are rotating into USDT and USDC positions, hedging exposure, and waiting for clearer directional signals.

The distinction matters. A supercycle implies sustained explosive growth across the board. A stablecoin season? That's consolidation, profit-taking, and preparation for the next move. Capital is flowing, but it's cautious. The volatility is compressed, and institutions are positioning rather than pushing hard.

If you're expecting a vertical rip higher without any pullback or correction, you might be watching the wrong cycle.