Does an increase in stablecoin supply mean that OTC ETF funds are entering the market?

Let me swallow this “cause and effect” first: the increased supply might just be market makers / cross-chain arbitrage inventory needs, or old money switching to a different shell and staying on the chain to rest, not necessarily rushing into spot. The ETF side is more like a “valve,” whether it opens or not depends on sentiment and the pace of subscription and redemption, not just more USDT on the chain automatically triggering it. Recently, I also saw someone treat on-chain tagging tools as gospel, saying which institution is buying, I can only sneer… tags are inherently lagging and can be misleading; if you want to dig into details, it’s better to look at fund flow paths and transaction structures. To put it simply, the correlation looks good, but drawing conclusions from it is easy to be misled by market education.