Recently, many people have been drawing a straight line from "increasing stablecoin supply + ETF inflows = immediate surge," essentially confusing correlation with causation.

Having more stablecoins might just mean everyone is loading their guns, not necessarily pulling the trigger right away;
On the ETF side, it could also be that off-exchange funds are finding a more comfortable entry point, and once the money flows in, where it goes depends on risk appetite and position structure.
Plus, these days, with cross-chain bridges malfunctioning again and oracles acting up, people start to say "wait for confirmation," which makes capital even more cautious and slower.
Anyway, I’d rather observe a few more days of on-chain flows and trading behaviors, rather than rushing to create a closed loop for myself.