Recently, discussions about RWA on the blockchain have been quite heated, but honestly, I care more about what the redemption terms say: the "liquidity" you see on the chain is often just the ability to transfer, not the ability to exchange the underlying assets back into cash within your desired timeframe. The terms include a bunch of T+N, window periods, pause redemption switches—when a run happens, you'll see who's truly exposed...

There are also people who constantly monitor large transfers on the chain, fluctuations in exchange hot and cold wallets, treating it as "smart money" leading the way. I do look at it, but only as a sentiment thermometer, not as a steering wheel. There’s so much information that it really causes anxiety. My filtering method is pretty simple: first, understand whether redemption is possible, who is custodians, and who takes the blame if something goes wrong. Other noise, I keep at bay, and I move less.