Recently, some people are using stablecoin supply and ETF inflows as "evidence that it's about to take off," but in reality, strong correlation does not equal causation.

More stablecoins might mean bullets are on the way, or it could just be everyone mining, hedging, or waiting for opportunities;
ETF money coming in doesn't necessarily mean it will immediately spill over into altcoins, as off-chain funds tend to seep in slowly rather than flood the market.
Seeing the on-chain activity get lively, I also get tempted, but I still prefer to see whether the funds have truly spread to the risk side.
By the way, the debate over privacy coins and mixing coins' compliance boundaries is quite heated; when emotions run high, it's easy to mistake "narrative" for "conclusion"...
I'll hold back for now and wait until the storm passes before taking action.