Lately, the hype around RWA on the blockchain has been quite lively, with people often saying "moving real-world assets onto the chain = instant liquidity," which makes me want to laugh. Honestly, what you're often buying is just a "tradeable certificate," not an "asset that can be redeemed at any time." Placing orders in the secondary market does not mean you can get your money back from the underlying assets; redemption windows, limits, queuing, KYC, or even pausing in special situations... these terms are not written on promotional posters but will be revealed when you most need to exit.

And those opinions that link ETF capital flows, US stock risk appetite, and crypto price swings together are also quite like a liquidity illusion: it looks hot, the story sounds smooth, but when stress testing happens, you’ll see who’s swimming naked. The first thing I ask about RWA projects now is not "how much is the return," but "how do I exit, how long does it take, and who’s responsible if I can’t get out." Anyway, you better find the exit button first.