stablecoin supply increases, does that mean OTC ETF funds are entering the market?

Let me first swallow this "cause and effect": the increase in supply may just be market makers / cross-chain arbitrage inventory needs, or old money switching to a shell and staying on the chain to rest, not necessarily rushing into spot. ETF side is more like a "valve," whether it opens depends on sentiment and subscription/redemption rhythm, not just more USDT on the chain automatically triggering it. Recently, I also saw someone using on-chain tagging tools as a bible, saying which institution is buying, I can only sneer... tags are inherently lagging and can be misled, if you really want to scrutinize details, it's better to look at fund flow and transaction structure. To put it simply, the correlation looks good, but drawing conclusions from it is easy to be misled by market education.