Honestly, recently I've seen everyone conclude that "stablecoin supply going up = big money is about to enter" and "ETF approval = blockchain will definitely heat up," just drawing a line and jumping to conclusions. I find it hard to follow. Correlation can be very misleading: the increase in supply might be from market makers or cross-platform arbitrage inventories, or it could just be a "phenomenon" of risk appetite returning, not a cash button that automatically flows in.

ETFs are more like making the entry point for off-chain funds smoother, but how the funds are allocated and when they dare to take on on-chain risk depends on incentive structures and sentiment; it won't automatically transmit. By the way, before and after a major mainstream blockchain upgrade, people are again speculating whether the ecosystem will migrate. I’m not sure if it will really happen, but every time such a node occurs, on-chain liquidity and narratives tend to be "temporarily rerouted." Don’t take those few days’ data as long-term causal evidence... Anyway, I personally prefer to slow down my conclusions.