Recently, I've seen people claiming that "an increase in stablecoin supply = ETF off-chain funds are coming in" as solid evidence, and honestly, I find it hard to believe such a linear logic.

Many times, the issuance of stablecoins can also be for chain swapping, market making, arbitrage, or simply preparing ammunition, which is not the same as "real buying pressure";
The ETF side is even more complicated, as redemption, hedging, and settlement rhythms can all muddle the correlation.

Additionally, there has been quite a heated debate in the community about privacy coins/mixing coins.
As regulatory boundaries tighten, capital flows and sentiment will distort, so don’t rush to explain everything with a single indicator.
Anyway, whenever I see FOMO, I pause first, drink some coconut water, and wait patiently for on-chain data and fee signals to provide more reliable clues.