Recently, someone used the curve of stablecoin supply to align with ETF net inflows, saying "See, the money is coming in."


I'm actually quite worried about this kind of narrative; just because the correlation looks pleasing doesn't mean causation is established.
How offshore funds enter the market, which route they take, whether it's just a change of packaging—sometimes the on-chain data and shadows aren't enough to explain the issue.
Not to mention that currently, various on-chain data tools and tagging systems are still criticized for being laggy or even misleading; if you focus on the increase or decrease of a "tagged exchange wallet," it might just be someone changing their disguise.
Anyway, my approach remains the same: first assume what I see is noise; I'd rather miss out on a little than be led around by the charts.
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