Recently, I saw someone say "off-chain funds are coming in" just because the supply of stablecoins increased, and they casually added ETF net inflows as well, making it seem like the evidence chain is complete... Actually, these two are often just synchronized variables under the same sentiment, not necessarily one driving the other. When more stablecoins are minted, it could be due to market makers/hedging repositioning, or on-chain incentives inflating the water; ETF flows are more like a channel for traditional funds, but their rhythm and purpose are not always the same. To put it simply, looking at the correlation feels satisfying, but causality requires slow and careful analysis with data standards. By the way, recently, the income of miners/validators and the MEV system have been criticized as "retail investors being used as withdrawal machines." Anyway, when you see the lively activity on-chain, don’t forget that someone is taking a bite first in the ordering process.