Recently, I saw someone equate "increased stablecoin supply = ETF off-chain funds coming in" directly, basically implying a correlation... but that doesn't mean causation. An increase in stablecoins could be a buffer for arbitrage, market making, or moving assets on-chain, or it could just be an exchange changing its accounting shell; even if there's a net inflow on the ETF side, it doesn't necessarily leave immediate traces on the chain, as there are several layers of channels in between. Don't jump to the conclusion that it's "bullets being loaded."

I'm now more inclined to look at whether they have a time lag or are driven by the same event, otherwise it's easy to fall into self-deception.
By the way, I want to criticize the NFT royalty debate—everyone calls for creators to earn income, but when secondary liquidity tightens, the first to be cut off are also the creators... Sigh, things aren't that linear. Let's stay a bit more cautious.