Swiping on-chain data until your eyes hurt, whenever stablecoin supply increases, someone starts shouting "ETF money is coming in," to be honest, don't take the correlation as causation.

Many times it's just off-chain swapping into stablecoins and holding there first, waiting for opportunities, waiting for sentiment, or waiting for the mainnet upgrade to finish without any surprises...
Funds will "park" there; not every time do they have to rush into spot markets immediately.
Recently, before and after that mainstream public chain maintenance, everyone guesses whether projects will migrate, but I’m more interested in two things: whether the cross-chain bridge/deposit and withdrawal channels are congested, and whether activity and fees on L2 have also changed proportionally.
High fees lead to complaints, but the solution is clear: don’t focus on a single indicator, do it in batches, keep some reserve, and if you can use L2, use L2—saving gas fees is what qualifies you to survive the next wave.