Someone just claimed that "stablecoin supply has increased again" to suggest "ETF funds are coming in, so the bull market is here," and I feel a bit uncomfortable... The correlation can be so deceptive. More stablecoins might just mean off-chain parking, or on-chain market making and arbitrage ammo replenishment, not actual buying interest. Especially now, on-chain data tools and tagging systems are still often criticized for being laggy or misleading; what you see as "new large holders" or "institutional entry" could just be wallet shelling. Anyway, I see these as just thermometers, not steering wheels. Strategically, it's better to clearly define positions, hedges, and exits, and not be led by stories.