Do you really think the "on-chain data" you're watching is actually happening right now? I wish it were that simple, but the reality is that if any layer—nodes, RPC, or indexers—gets stuck for a moment, what you see might just be a "replay."

Recently, I've seen everyone explaining crypto market rises and falls using ETF capital flows and U.S. stock market risk appetite. I think we should not rush into grand narratives... You haven't even confirmed whether the RPC you're using is overloaded, whether the node is lagging a few blocks, or whether the indexer is still rebuilding. To put it plainly, many "on-chain anomalies" are actually just data delays on your side, or even retractions after a rollback. It's fine to observe, but the chain of evidence needs to be complete: compare two RPCs, check the original block height, and look at the indexer update time. Otherwise, a lot of the noise might just be delayed performance.