Recently, I've seen people connect the dots between increasing stablecoin supply, ETF net inflows, and off-chain capital entering the market, saying they are all related. Honestly, correlation does not equal causation. An increase in stablecoins might just mean everyone is moving their positions in anticipation of opportunities, or it could be arbitrage, market making, or even cross-chain transfers back and forth; ETF activity is more like a "channel," and doesn't mean every dollar is chasing gains in the secondary market.

I look at returns the same way—first breaking down the sources: subsidies received, risks undertaken, and lock-up periods. Then I realized it’s pretty funny; I used to be dazzled by high APYs, but upon closer inspection, I found they were hiding the maturity and tail risks.

By the way, recently, miners/validators' income, MEV, and fairness in transaction ordering have been heavily criticized, which actually serves as a reminder: what you see as "fund flow" is often just on-chain rules and incentives pushing the movement, not necessarily a genuine change in retail investor sentiment. Anyway, I now prefer to confirm more slowly and not rush to draw conclusions.