Recently, I see everyone using the supply of stablecoins along with ETF inflows to make charts, basically showing a pretty good correlation, but don’t rush to see it as causation… Money coming in off-chain doesn’t necessarily turn into stablecoins first; it might go directly through custodians or brokers, and only later reflected on-chain. Anyway, I now prefer to think of it as a “thermometer,” not an “engine.” AI agents, automated trading—same data, narrative-driven folks will say “new funds are coming,” while security-focused folks will only watch contract permissions and authorization records… I no longer believe that “when data rises, it’s definitely a bull run coming back.” Just observe, and sleep if you can.