Recently, I've seen everyone using stablecoin supply and ETF net inflows to suggest that "off-chain money is coming," and I have a bit of a professional obsession (though I'm not an auditor). Correlation can be very deceiving: an increase in supply might be due to market makers moving assets around, cross-chain wrapping, or even temporary holding patterns, and it doesn't necessarily mean that real buyers are rushing in. The same goes for ETFs; fund inflows and outflows sometimes look like... or like..., honestly more like sentiment indicators rather than causal chains.

And those on-chain data tools and tagging systems have recently been criticized for being laggy or misleading. I can understand why—changing addresses or routing paths can skew the conclusions. Anyway, when I look at these charts now, I treat them as "possible clues," not definitive conclusions. That's how I handle it for now.