These days, I see someone claiming that "an increase in stablecoin supply = more off-exchange money flowing into ETFs" as an ironclad rule, and I just want to say something. Honestly, more stablecoins might just be on-chain transfers, market makers replenishing inventory, or people switching to stablecoins to wait and see — it’s not the same as real buying pressure. As for ETFs, don’t jump to conclusions about causality; the paths of off-exchange capital inflows and outflows are very complex. Sometimes it’s just a change in settlement habits; trying to force a relationship based on a chart is quite risky. By the way, recently retail investors have been criticizing validators for earning too much and MEV ordering being unfair. I understand… but don’t equate "high transaction fees/priority fees" directly with "capital pouring in wildly." Sometimes it’s just that people are in a hurry to queue (I’m in a hurry too). Anyway, I’d rather observe a few more days of on-chain flow and trading structure without being led by correlations.