Recently, I saw a chart comparing the supply of stablecoins to ETF net inflows, basically just putting two lines together to tell a story. Correlation does not equal causation; money outside the market doesn't necessarily first convert into stablecoins, and conversely, an increase in stablecoins might just be exchanges replenishing reserves, market makers moving assets, or even people transferring back and forth on-chain to look busy. When the market heats up, people add salt; don’t rush to conclude that “funds are coming in.” By the way, before and after major public chain upgrades/maintenance, everyone is guessing whether the ecosystem will migrate. I think it’s more about emotions running ahead, money lagging behind; whether to migrate or not depends on whether there’s sustained usage and liquidity afterward. Anyway, I’ll keep an eye on real on-chain flows and listen less to grand narratives.