Recently, people have been using the supply of stablecoins and ETF net inflows together in charts, saying that funds are coming or going.

Honestly, correlation can be very misleading; a large supply could also mean rebalancing, market making, or even just moving between chains.
ETFs are more like "a window into off-chain sentiment," but that doesn't mean they'll immediately push the market in a certain direction.

I thought everyone was throwing money on-chain during this airdrop season, but once the task platform's anti-witching measures kicked in strongly, the points system made it feel like clocking in at work.
Many people just gave up or looked for more discreet ways...
On-chain activity doesn't necessarily mean new funds are coming in; it's just a different way of competing.

I'm just watching now—don't assume causality just because two lines are close.
When the fog clears, I'll look at the data again.