Recently, when looking at charts, someone equated "rising stablecoin supply + ETF inflows" directly with "off-exchange funds pushing the market up." I think that's a dangerous illusion of correlation... A higher stablecoin supply doesn't necessarily mean new money; some are just moving between chains/platforms, or market makers swapping inventory with a different shell; ETF net inflows also don't mean the money is immediately feeding into spot depth, the process is complex, and it could be hedged along the way.

Especially now, with extreme funding rates, the group is again arguing whether it's a reversal or just more bubble squeezing. Frankly, I prefer to see it as "position structure deforming," rather than a single-direction signal. As for me, when I look at stablecoins, I pay more attention to which pools or collateral types they are moving toward. Before it falls into liquidity, I won't rush to draw conclusions.