Recently, someone has been fixated on stablecoin supply and ETF inflows and outflows, starting to speculate that "off-chain money is about to rush in." I also like looking at data, but honestly, correlation does not equal causation: sometimes it's just switching channels, changing custodians, or moving funds around on the market-making side. It looks like a wave on the chart, but it's actually just a move. The RWA (Real-World Asset) approach is the same; constantly comparing U.S. Treasury yields to on-chain yield products looks impressive, but the risks are definitely not on the same level. Anyway, what I care more about now is: where is the money coming from, can it be withdrawn at any time, and whether the bridge monitoring has raised any alarms. For large amounts, I prefer to be a bit more cautious.