In the past, whenever the supply of stablecoins increased, someone would shout "Off-chain funds are coming," and I would roll my eyes... The correlation is not causation, brother. Now there's some movement on ETFs, which indeed can bring in money, but how the money gets in, how long it stays, whether it's just switching channels to leverage, if you don't see clearly, don't mistake the chart for a story. To put it simply, more stablecoins might just mean on-chain repositioning, market making, or even unlocking and then being infinitely authorized to be drained again (don't laugh, someone really
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