Someone just equated "the supply of stablecoins has increased again" directly with "ETF off-exchange funds are coming in to push the market," and I want to laugh but can't... The correlation shouldn't be mistaken for causation. An increase in stablecoins might just be exchanges issuing tokens to replenish reserves, market-making funds rotating, or people moving in to avoid volatility first, not necessarily new buying pressure. Basically, it depends on where they go: whether they stay on the exchange as orders, move on-chain into lending pools/LPs, or transfer back to fiat channels. By the way, today I also saw retail investors criticizing validators' income + MEV extraction, unfair ordering, and how money circulates on-chain is actually quite transparent. Don't just focus on a supply curve and imagine a storyline.