Recently, I've seen people use the stablecoin supply curve + ETF net subscriptions as "solid evidence that funds are coming in," to suggest a bullish trend. Honestly, the correlation looks appealing, but don't rush to interpret it as causation. When stablecoins increase, it might just mean everyone is swapping assets first and holding tight; when ETFs are bought aggressively, it could also be large off-exchange traders rebalancing or hedging positions, not necessarily "everyone entering the market."

I've been fooled by this kind of chart myself, but I later realized that the factor most affecting my deposit and withdrawal rhythm is actually policy sentiment: when a certain region announces tax hikes, everyone hesitates for a second, OTC spreads widen, and expectations around compliance tightening or loosening drive short-term volatility more than the data itself. Anyway, I now prefer to treat it as a "kitchen thermometer," not proof that the "dish is cooked." I gradually increase my positions, keep some hedges on hand, and take setbacks as adding a pinch of salt.