Recently, I saw someone say "off-chain funds are coming in" just because the supply of stablecoins increased, and they also casually posted ETF net inflows, making it seem like the evidence chain is complete... Actually, these two often just move in sync under the same sentiment, not necessarily one driving the other. When more stablecoins are minted, it could be market making/hedging repositioning, or some on-chain incentives inflating the water; ETF is more like a traditional capital channel, but the rhythm and purpose are not always the same. To put it simply, the correlation looks good, but causality needs to be carefully examined with data standards. By the way, recently, the income of miners/validators and the MEV set have been criticized as "retail investors being used as ATMs," so when you see the on-chain excitement, don't forget someone is eating a bite first in the ordering.