I almost copied the previous exchange address just now, and when I accidentally clicked confirm, I felt a chill down my spine... Luckily, my router popped up a "suspected abnormal path" warning, and I stopped. To put it simply, things like stablecoin supply, ETF subscriptions, and OTC funds, when you see their curves moving together, you might think there's a causal link, but it's really easy to fool yourself: the money might just have moved somewhere else, or been "temporarily stored" by market makers/intermediaries, and what you see on the chain is just a shadow. Recently, there's been a lot of talk about the lag in on-chain data tools and tagging systems—sometimes, once a tag is applied, everyone takes it as the truth, but in reality, it just misleads you into faster orders. Anyway, I now prefer to spend less time on "macro narratives" and more on watching transaction paths and slippage, at least to avoid being educated by my own slip-up again.