Mining on-chain data to a stablecoin and then seeing it "grow fat" again, someone in the group immediately says: Look, the money has entered the market, ETF is about to take off. Hmm... I wish it were that simple, but frankly, an increase in supply does not mean real cash is flowing in from outside the market. Many times, it's just moving from exchanges onto the chain, doing collateralization, crossing bridges, and going in circles; the address just changes its appearance. The redemption process on the ETF side is also quite "procedural," and the activity you see on the chain may not be synchronized. Plus, now everyone is watching the expectations of interest rate cuts, the US dollar index, and the emotional fluctuations of risk assets rising and falling together. The correlation looks very promising, but don’t rush to see it as causation. Anyway, for me: I see the data first as clues, follow the addresses a few steps further, and then decide whether my hands should get itchy.