I used to pay close attention to stablecoin supply, and whenever it rose, I would imagine "money is flowing in." Now I tend to ask first: Is this money going on-chain to earn yield, being used as collateral on exchanges, or just institutions moving funds off-chain? ETFs are more like shifting the entry point into traditional channels; the on-chain water level changes we see may not be synchronized. To put it plainly, don’t mistake correlation for causation. Recently, I saw someone complain about the lag in labels on on-chain data tools, or even being misled by them, and I can relate... A wrong label can lead interpretation astray. Anyway, my current approach is: verify the same thing with at least two or three different processes. I prefer to be slower rather than be misled by charts that "look right."