This morning, I found a bunch of sticky notes while looking for my charger, and one of them said "Stablecoin issuance increase = pump coming?" It made me a bit awkward... Honestly, stablecoin supply, ETF inflows and outflows, over-the-counter funds—these do tend to move together, but don’t immediately assume a causal chain just because the curves overlap. An increase in issuance could just be switching chains, changing channels, or market-making stockpiles; ETF inflows might be from other assets being moved over, and it doesn’t necessarily mean "new money is rushing in from outside." Recently, large on-chain transfers and movements of exchange hot and cold wallets are often interpreted as smart money, I also like to watch the excitement, but most of the time it’s just moving assets, reconciling accounts, or risk control adjustments… don’t fill in the story yourself. Anyway, I see these signals only as a mood thermometer, not a steering wheel.