In the past few days, I've seen people link stablecoin supply, ETF subscriptions and redemptions, and OTC capital inflows and outflows into a single "causal chain," honestly kind of like finding an excuse for emotions. An increase in stablecoins might just be for repositioning, arbitrage, or other opportunities, or it could be risk management pulling funds back first; it doesn't necessarily mean they're rushing in to pump the market. As for ETFs, it's more like a big water pipe, with the switch in someone else's hands, and sometimes the on-chain activity happening at the same time is just coincidental.

I'm not really trying to explain it anymore; let it be random... Anyway, my usual habit remains the same: glance at the on-chain tags, and if I see suspicious fund paths or mixing coins that go around in circles, I withdraw first and ask later. Recently, the debate over privacy coins/mixing coins and regulatory boundaries has become so heated that I don't want to gamble on "nothing happening." If I can avoid it, I will. Just stay alive.