Recently, I've seen people explain "off-chain money coming in" by using stablecoin supply and ETF net inflows, saying that the reason for the rise is because of this. Frankly, the correlation is pretty easy to establish, but don't rush to conclude causality. The increase in stablecoins could be because someone is minting coins to buy, or it could just be changes in inventory from market makers/arbitrage; the same goes for ETFs—net inflows don't necessarily mean they immediately go on-chain, more like a thermometer for risk appetite shifting. Recently, the staking/sharing security methods have been criticized as "profit stacking," but I actually think it's the same problem: treating the seemingly smooth chain as inevitable. Anyway, I now look at these indicators as references; the real decision comes down to position, volatility, and exit strategies—survive first.