These days, I saw someone equate "an increase in stablecoin supply + ETF entry" directly with "off-chain funds rushing in," and I find that a bit hard to accept... Correlation does not equal causation. More stablecoins might just be a shell game on the chain, moving funds around or doing market-making turnover; ETF activity could also just be existing funds shifting positions. Don't get overly excited and treat it as a flood of new money. Honestly, I prefer to focus on transaction quality: whether the order book is getting thicker or slippage is narrowing, otherwise the sentiment is all fake. By the way, the community is now arguing over the compliance boundaries for privacy coins and mixing coins—argue all you want, but don't oversimplify the "regulatory trend" into a single conclusion. The market loves to target those overconfident individuals. Anyway, I’ll stick to the data and reassess if I’m wrong.