Recently, I've seen people explaining ETF capital flows and risk appetite in the US stock market as if they are directly tied to crypto price movements... It just makes my head spin a bit; anyway, market sentiment can change at any time. Conversely, I'm more worried about RWA on-chain where "liquidity looks great": there's a pool on the chain, with quotes posted, and you think you can exit anytime, but the key is what the redemption terms say—whether you can redeem at net asset value, how many days you have to wait, and whether they just shut the gates during a run. To put it simply, not understanding the redemption mechanism's "liquidity" is a bit like having an illusion. In the future, when I see something claiming to have stable cash flow, I might first focus on the small print about redemption/pause/priorities... Never mind, I won't talk about it now; the more I look, the more it feels like reading an insurance contract.