After I started recording the redemption terms of some RWA on-chain projects, my mindset clearly stabilized a bit: I used to think that liquidity was really abundant just because the pools looked deep and trading was hot. Now I first think—when it’s time to redeem, do I still have to queue, how long is the window period, and in extreme cases, can it be directly “paused”… Basically, that on-chain liquidity sometimes feels more like an atmosphere. Recently, someone also interpreted large on-chain transfers and the movement of hot and cold wallets on exchanges as “smart money.” I also take a glance, but I don’t get too excited; anyway, I’ll wait for confirmation and not rush.