Recently, some people are once again using stablecoin supply and ETF net inflows as solid evidence that "funds are coming," and I feel a bit anxious watching this... There is some correlation, but don't rush to assume causality, especially since off-chain money flowing in may not immediately show up on the few on-chain charts. And those large on-chain transfers, or hot and cold wallet movements on exchanges, being called "smart money"—to be honest, many times it's just rebalancing, consolidating, or risk management processes. Don't see clouds and immediately shout "rain." My usual approach remains the same: if the hype and trading volume don't match, hold back first. Better to miss out on some gains than to be carried away by emotions.