Recently, I saw someone using stablecoin supply to push the price up again, and they started speculating "ETF funds are coming in, it's about to take off." Correlation can be quite deceptive; in simple terms, what you see happening at the same time isn't necessarily driving each other. An increase in stablecoins could be due to exchanges preparing reserves, or OTC traders waiting for a better price, or even just changing shells for settlement—don't rush to assign a storyline to it.

RWA, comparing US Treasury yields to on-chain "yield products" also works the same way; it sounds like they are connected in a line, but in reality, there's a lot of risk, maturity, and liquidity differences in between. Anyway, I stick to my old rules now: watch the capital flow but don't be led by it, keep your positions a bit cooler, and don't comfort yourself with just a phrase like "funds are coming."