These days, I see people saying "the supply of stablecoins has increased = big funds are about to enter, ETFs will lead the charge" as a given. I find that a bit uncomfortable. Of course, there may be some correlation, but frankly, stablecoins could also just be for repositioning, market making, or even a sign of decreased risk appetite and just "hiding out," which doesn't necessarily mean new money. On the ETF side, it's more like an entry point; whether funds are coming from off-chain or just moving within the market depends on the structure, not something you can conclude from a single line. By the way, hardware wallets are out of stock, phishing links are rampant again, and everyone's suddenly hyper-aware of security... This kind of sentiment itself can also influence how funds are stopped or where they are parked. Anyway, I now prefer to focus more on on-chain flow and holdings distribution, and less on "single indicator myths."