Recently, people have been using "stablecoin supply increasing = off-chain money coming in = about to take off" as a formula, but honestly, that's a bit of an overinterpretation. Stablecoins might just be transferred from other chains or other platforms, or even just arbitrage/trading on-chain, and an increase in digital assets doesn't necessarily mean new money is truly flowing in. ETF is the same; subscription and redemption, hedge funds moving back and forth, aren't necessarily correlated with on-chain activity. Anyway, I see these indicators more like observing traffic conditions: they can be referenced, but don't treat them as the final destination of your navigation. By the way, I want to complain that new L1/L2 projects are starting to offer incentives to boost TVL again, and it's no wonder old users are shouting "mining, selling, and exiting"... I calculate the cost of tasks like ordering food delivery—bridge fees + retries + time. If I can break even, I do it; if not, I stop.