Just checked on-chain data and saw that the stablecoin supply is being used as evidence that "it's about to take off"... I want to pour cold water on that: increasing supply doesn't necessarily mean funds are entering the market, let alone that people are immediately buying coins. The same goes for ETFs; when news breaks, everyone assumes "off-exchange money = buying pressure," but often it's just switching channels, changing custodians, or simply staying on the sidelines waiting for the right moment. Frankly, the correlation is easily mistaken for causation.

By the way, these days there's a lot of debate over privacy coins/mixing coins and compliance, but I'm actually more concerned about: once regulations tighten, the flow and residence of stablecoins might change first, while market sentiment will follow later. Anyway, I prefer to wait for the evidence chain before drawing conclusions.