Just woke up and checked the curve of stablecoin supply, and I feel like someone is about to use it to explain stories like "ETF inflows cause prices to rise"... To put it simply, the correlation is pretty easy to see, but the causality isn't that straightforward.

When stablecoins increase, it could be because of off-chain preparations, or just a change in the on-chain shell, or even inventory changes from arbitrage and market making, which are not directly linked to spot buying.

And also, those on-chain data tools and address labels are often criticized for being laggy or misleading, so don’t jump to conclusions just because you see “certain institution address” and imagine a story.
I treat it like checking the weather forecast: the wind direction shifts a bit, but that doesn’t mean it’s going to rain immediately.
Anyway, don’t let your positions drift too much with emotions; leaving some room for flexibility is more reliable.