Recently, I've seen people combine the stablecoin supply curve and ETF inflows, saying "See, the funds are coming."

I'm actually a bit worried about this kind of narrative; correlation doesn't really equal causation...
An increase in stablecoins could be a reserve, or it could just be moved from other chains/exchanges, or even for debt repayment or hedging, and has little to do with "pumping the market."

Recently, news about some regions tightening or loosening taxes and compliance measures has also affected deposit and withdrawal expectations.
The off-chain sentiment of "wait and see, don't move yet" has emerged, and on-chain data looks more like a foggy road: you can see the outline, but not who's walking or where they're headed.
Anyway, I'm now more inclined to look at which protocols the stablecoin increase is landing on, whether active addresses are changing, and then decide whether to add to my position...
That's all for now, we'll chat again next time.