"Does a rise in stablecoins mean ETF buying?" I'm really tired of hearing that... An increase in supply might just be exchanges replenishing inventory, market makers moving funds around, or OTC temporarily rotating funds, and correlation ≠ causation. If ETFs truly have inflows, it would be more like slow seepage, not that every time there's a little more on-chain, champagne is immediately popped. Anyway, I only look at one thing: whether the protocol can keep the fees for itself, otherwise the excitement is all for others. Recently, there's been chatter about staking unlocks, unlock calendar selling pressure anxiety, which basically means using the uncertainty of the next few months as an excuse for current emotions. If cash flow isn't growing, whether you unlock or not, the price can fall; if cash flow is solid, unlocking at most makes it cheaper for you to buy. When you say "stablecoins = new money," first figure out whose money you're talking about.