Recently, I saw someone compare the curve of stablecoin supply to ETF inflows again.

In other words, the correlation is sometimes just "looks pretty similar," but I’m a bit hesitant to draw conclusions as a causal chain.
Off-chain funds coming in don’t necessarily first turn into on-chain stablecoins, and conversely, an increase in stablecoins might just be arbitrage, market making, or even everyone holding onto them without moving...
Anyway, I prefer to treat it as a sentiment thermometer rather than a trigger for opening positions.
By the way, in the community, there’s a pretty heated debate about privacy coins, coin mixing, and regulatory boundaries, and I lean more towards taking a slower view—don’t rush to craft stories for the market.
Just wait for clearer signals.