People keep talking about ETF inflows and stablecoin issuance as if they were the same indicator every day. To put it bluntly, there isn’t a really strong causal chain between the two. Funds flowing into ETFs and on-chain native demand are two different worlds of logic—looking at them together can easily loop you into confusion. Like what happened with the cross-chain bridge today: when the oracle pricing deviated abnormally, everyone’s first reaction was “wait for on-chain confirmation.” Isn’t that essentially a lesson in confusing correlation with causation? I’ve already been burned before. After disassembling the protocol flywheel and then looking at fund flows, just judging by the surface-level total isn’t enough. Next time I see this kind of data divergence, I may be more willing to focus on real user retention and the protocol’s interaction frequency to make my bet. Tough talk aside, think more before you act. How do you judge?