Recently, someone has been watching large on-chain transfers and hot/cold wallet transactions on exchanges, interpreting them as "smart money coming in." I find it a bit amusing but also a little scary to watch... Frankly, most of the time it's just moving bricks/rebalancing; don’t imagine yourself as part of a script.

I'm also paying attention to the on-chain RWA (Real World Asset) stuff. The biggest problem isn't "more transparency on the chain," but that the liquidity looks very attractive: pools show deep liquidity, but when it comes to redemption, the terms include a bunch of "T+X," "limit caps," "pause for special circumstances," and only then do you realize you're buying an illusion of liquidity. There are spreads, but once the redemption window gets stuck, arbitrage becomes passive holding a ticket waiting for the door to open.

A few days ago, I set reminders and limits for myself, stipulating not to touch those with vague redemption terms. As a result, my mindset relaxed a bit... Earning less doesn't matter, at least I don’t have to stay up at night staring at my wallet for weird movements and guessing who's running. Anyway, my rule is simple: understand the terms first, then talk about "on-chain."