I've started recording things like stablecoin supply and ETF net inflows, mainly to satisfy my own curiosity: in the past, whenever I saw a sudden rise, I would imagine "funds are coming in," only to get caught in a sandwich trade afterward... Now that I have a record, I realize that many times it's just a synchronized reaction under the same sentiment, and correlation does not equal causation. Especially recently, with RWA and comparing US Treasury yields to on-chain yield products, people talk about it enthusiastically, but whether the off-chain money is actually coming in to buy coins, buy yields, or just changing shells and staying there, I feel there's a big difference. Anyway, I now prefer to be a bit slower, first fine-tune the routing and slippage protection, and not be led by narratives.