Recently, the narrative of RWA going on-chain has become popular again. To put it plainly, a lot of "liquidity" is somewhat illusory: you see the market and matching activity are quite lively, but when you want to redeem or exit, there are a bunch of thresholds, queues, and windows in the terms, and you realize you're buying a "tradeable certificate," which doesn't mean it's an asset that can be cashed out at any time. It's not that RWA doesn't work; you just need to understand how the redemption process works, who guarantees it, and how to handle extreme situations first. Otherwise, the moment the narrative is realized, it can be very uncomfortable.

Also, recently, large on-chain transfers and hot/cold wallet movements on exchanges are interpreted as "smart money." I now just treat it as background noise... My only noise reduction strategy is: focus only on key on-chain activities related to your holdings and project terms, and don't get emotional over every "whale moving" transaction. That's all for now.