Recently, someone has been linking stablecoin supply, ETF inflows, and off-chain funds all together, but basically, correlation does not equal causation... An increase in stablecoins might just mean people are waiting for opportunities on the chain, or it could be market making and cross-chain arbitrage hoarding ammunition; as for ETFs, it’s more like shifting some demand to a more "regulated entry point," which doesn’t necessarily mean the on-chain market will take off simultaneously. Lately, comparing RWA, U.S. Treasury yields, and various on-chain yield products has also been quite lively, but I always feel this is more about funds seeking "certainty preferences" rather than simply chasing the trend. Anyway, I haven't really changed my positions much; I’ll just observe the structure first.