Just saw a bunch of people using stablecoin supply curves to justify ETF inflows and outflows with the reasoning that "funds are coming." I find that a bit amusing... Correlation does not equal causation. When stablecoins increase, it could be due to exchanges preparing liquidity, on-chain arbitrage, hedging, or even just changing the wrapper and lying dormant; the small amount of off-market money flowing into ETFs doesn't necessarily land on the chain or the order you're watching—it's not that straightforward. Frankly, I still focus on funding rates and liquidation hot zones—where the pressure is, where the urgency is—it's obvious who's holding on tight. Currently, modular and DApp layer narratives have developers hyped up, while users are still asking, "What does this have to do with me?" Don't rush to treat the story as cash flow; first, keep leverage in check.