Recently, I've seen a bunch of interpretations that link "ETF capital flows," "US stock risk appetite," and "cryptocurrency price movements," as if pressing a button would automatically pour money in... I'm a bit worried that this kind of narrative might mislead people. The same goes for stablecoin supply; a rise doesn't necessarily mean new money is entering the market. Often, it's just on-chain shell swapping, moving, bookkeeping, or leverage loading up "ammunition" first. Correlation can be very deceptive; if causality were that straightforward, the market wouldn't have so many people blowing up so early. Anyway, my current habit is: when I see data, I first think, "Can this money be withdrawn at any time? Will liquidity get stuck when withdrawing?" Survive first, then talk about ideals.