Recently, I've seen people use the curve of stablecoin supply to prove that "ETF = new money entering the market." I also look at it, but don't mistake correlation for causation... Sometimes stablecoins are just on-chain leverage shifting positions or reducing risk, or the off-chain settlement habits changing. A nice-looking chart doesn't mean money is really falling from the sky. ETFs are more like a channel; even if the channel is open, it might just be turnover of existing assets. Frankly, I'm now more interested in monitoring signals of "who's increasing leverage, who's being forced to reduce" as a form of market deformation. By the way, there's quite a heated debate about NFT royalties—creators want income, traders want liquidity, but in the end, it probably depends on whether the market's heat can support both sides... I no longer chase explanations, accept randomness, and just avoid positions turning into a volcano eruption.