Recently, I've seen a bunch of RWA projects on the blockchain talking about "liquidity," which sounds pretty good.

But when I looked at the terms, there were a bunch of redemption windows, lock-up periods, and quota limits, and I instantly woke up: those on-chain transactions are more like treating "being able to transfer" as "being able to cash out."
Honestly, when it comes to redemption, who makes the decision, how long it takes to arrive, and what to do in case of a run on the fund—that's the real hard part.

By the way, I'm also annoyed by the current trend of interpreting ETF capital flows, US stock risk appetite, and crypto price swings all together... The more explanations, the more it seems like just making excuses.
I'm no longer chasing explanations; the market is random anyway. I just focus on two things: whether the terms are clear, and whether I can accept how long I might not get my money back in the worst case.
That's all for now.