Recently, I saw someone stacking three charts—stablecoin supply, ETF net inflows, and OTC funds—and saying "Got it, money is entering the market so..."

I really want to laugh: the correlation looks appealing, but don’t rush to see it as causation, especially when you don’t know what these funds are for—are they for hedging, arbitrage, or waiting to sell?
Lately, comparing RWA and U.S. Treasury yields, on-chain yield products side by side is the same—people talk as if it’s a straight line, but there are many twists and turns behind the scenes.
Anyway, I’m more of a spectator who enjoys analyzing narratives than a prophet holding macro conclusions; I just occasionally buy a "trial ticket" so I don’t get led astray by clickbait headlines.