Lately I keep seeing people compare the curve of stablecoin supply to ETF net inflows, and then draw the conclusion that "funds are coming in/going out"... I find that a bit uncomfortable. Correlation can be very misleading; frankly, increases or decreases in stablecoins might just be due to switching channels, changing custodians, or shifts in OTC settlement habits, not necessarily a sudden change in risk appetite overnight.

And now, the daily release of staking unlocks and token unlock schedules often scares people, indeed creating a bearish pressure expectation, but don’t forget that the market prefers "expected expectations." Many times, people are just lining up in advance to run the same scenario. I personally prefer to look at actual on-chain flows and net inflows into exchanges; don’t just focus on one indicator. I was even stuck checking data last night, with the webpage constantly refreshing/retrying, and by the time I got in, my emotions had cooled down... Anyway, I’d rather miss out than get fooled by a pretty chart.