Have you also been seeing that kind of chart lately: when stablecoins rise and ETFs come in, the comment section starts shouting "Offshore funds are coming, it's going to take off"... I always want to put my phone down and calm down first. Correlation is so deceptive; the increase in supply might just be exchange reserves, project team market making, or even on-chain migration with different accounting methods. Net inflows into ETFs don't necessarily mean the funds are immediately pouring into spot markets; sometimes they serve more as emotional indicators. Honestly, I prefer to focus on transaction volume structure: whether the volume increase occurs at critical points, whether it’s continuous rather than just a one-day spike. Recently, new L1/L2s are offering incentives to boost TVL, and it's normal for veteran users to complain about "mining, selling," too. The money has come in, but whether it stays is another matter... Anyway, I plan to review and open positions first, and not be led astray by a few curves.