Recently, someone has been comparing the supply curve of stablecoins to ETF net inflows, saying "See, the money is coming in, so it’s going up," and that just sounds a bit off to me... Correlation can be very deceiving. Whether off-chain funds are coming in or not sometimes just involves switching channels or carriers, not necessarily actual on-chain activity; conversely, when on-chain supply increases, it could be market making, arbitrage, or transfer activities, which are far from "pumping the market."

And don’t forget about execution quality: saving a few bucks on fees can be more painfully eaten up by slippage and MEV. Recently, cross-chain bridges have had issues, and oracles have been abnormal—everyone’s just "waiting for confirmation." When that kind of sentiment kicks in, funds tend to pull back, and whether supply/ETF data can match up is really hard to say.
Anyway, I currently see these indicators only as thermometers, not as steering wheels... As for how you guys use them, just take it as casual talk.