Recently, I saw someone directly translate "the supply of stablecoins has increased again" and "ETF funds are flowing in" as "it's about to rally," which makes me a bit uncomfortable... Correlation does not equal causation. An increase in stablecoins might be for off-chain reserves or just a different shell lying on the chain; ETF inflows don't necessarily mean the funds will immediately transfer to the coins you're watching, with many friction costs and risk preference switches in the middle—it's not a straight pipe, in other words.

I see these more like account reconciliation: first look at where the incremental funds are coming from, where they stop, and whether there's continuity; then check if the spot and perpetual positions are changing together. Recently, attention shifts driven by memes and celebrity calls are fast and intense, and newcomers are easily pushed by the narrative of "funds are coming." Veteran players' advice not to chase the last move is not just for show... Anyway, I prefer to take it slow, understand the situation clearly before acting.