Recently, I've seen many people compare the curve of stablecoin supply to ETF inflows, concluding that it's all about "funds coming in / trying to pump the market"... I personally don't dare to draw such causal links so easily. An increase in stablecoins might just mean changes in market-making, arbitrage, or transfer needs, or it could be that exchanges' hot and cold wallets are moving funds around; it looks lively but is actually internal rebalancing.

Some people also compare RWA, US Treasury yields, and on-chain yield products together; it sounds reasonable, but when it comes to whether off-chain funds are flowing in or out, it's not just about interest rates. Compliance, channels, and redemption experience are also quite critical. Recently, I've been keeping an eye on a few large minting and burning addresses and exchange addresses, taking a cautious approach for now, just observing.