Lately I keep seeing people compare the curve of stablecoin supply to ETF net inflows, then conclude that "funds are coming in so it must mean something." I'm just an ordinary person who watches on-chain data, but honestly, correlation does not equal causation: an increase in stablecoins could be for market making/hedging/cross-chain arbitrage storage, and ETF inflows might be slowly coming in or going out over the counter, so the timelines might not line up at all.

Moreover, right now with funding rates at extreme levels, the group is starting to argue whether to reverse or continue squeezing the bubble. I usually first check which chain, bridge, or pool these funds are moving through, especially when the bridge situation is unstable—hot money moves faster than anyone else... Anyway, don’t rush to treat these two lines as the truth just because they look related; first, fill in the missing pieces of the puzzle.