Just saw someone say that because the total supply of stablecoins has been rising, an ETF is about to take off. But in reality, on-chain data and off-chain capital flows aren’t always the same thing. Even when stablecoins are minted, it could be market makers rebalancing or arbitrage trades moving. Don’t rush to conclusions. In the recent wave where cross-chain bridges were hacked and oracle pricing went abnormal, everyone later said “wait for confirmation,” but how many people rushed in to catch the blades back then? Anyway, when I look at on-chain data now, I treat it more as a reference. Whether real money actually moves in depends on the actual direction of liquidity flows. Correlation isn’t causation—this lesson has cost the crypto community plenty, and that’s what I remember.