Yesterday, I saw someone claiming again that "the supply of stablecoins has increased = ETF funds are about to rush in" as an iron law, basically saying these two are just dining together, not necessarily feeding each other. Sometimes, off-chain money is just converted into stablecoins first and parked, or it circles on the chain for risk control, and in the end, it doesn't even go into the spot market, let alone "causality."

I'm too lazy to get excited when looking at charts now; I first check whether the new stablecoins are concentrated in a few addresses, or if there are strange contract permissions quietly reaching out there... I am genuinely allergic to anonymous teams + no-lockup models. By the way, the NFT royalty war also looks quite similar: everyone talks about "for liquidity / for creators," but who ultimately pockets the money is clear on the chain. Anyway, don't rush to draw conclusions; first, observe the fund flows.