These days, I’ve seen a bunch of people using stablecoin supply curves to stack ETF inflows, and when they get excited, they start saying “Off-exchange money is coming in, next step should be...”. Honestly, correlation is a very deceptive thing: more stablecoins could mean people are preparing to buy, or it could just be moving assets around, arbitraging, hedging, or even just parking in exchanges; ETF flows are more like a different set of pipes, the water is indeed flowing, but where it flows to and when it overflows has nothing to do with your feeling from watching candlestick charts. I now prefer to see it as a “market sentiment thermometer,” not an “engine.”