Tonight again staying up late monitoring the market, seeing a bunch of RWA on-chain projects touting "liquidity," my mind automatically pops up: a lot of this stuff is just an illusion... On-chain, it looks like you can sell anytime, but if you really want to redeem, you have to look at the terms and conditions, window periods, limits, who guarantees the buyback, honestly, it's not the same as your idea of "withdraw anytime."

Recently, someone also used ETF capital flows and US stock market risk appetite to explain crypto price movements. I might get caught up in the sentiment too, but thinking about RWA and similar things, just because it's lively outside doesn't mean you can exit smoothly. My mindset has been updated: from "getting itchy when seeing depth" to "reading the redemption terms first before deciding whether to get itchy"... For now, that's it, the midnight snack has gone cold.