These days, I've seen a bunch of people linking ETF capital flows and the risk appetite in the US stock market directly to the ups and downs of the crypto market—I just find it amusing. Anyway, when emotions run high, everyone wants to find a "single cause and effect." But I'm more interested in the other side: RWA on-chain has recently been a hot topic again. In social circles, it's all about "bringing real assets onto the chain as liquidity," which sounds very smooth.

To put it simply, much of the "liquidity" of RWA is a bit like a light shining: having orders on the secondary market ≠ being able to redeem at any time. The key lies in redemption terms and who executes them—redemption windows, minimum amounts, delays, freezes, or even "pausing in case of certain events." All of these can turn the fast on-chain process into a slow off-chain one. It's not that it can't be done; it's just that when I see RWA now, my first reaction isn't charts, but to look for those few lines of fine print: are you really buying liquidity, or just a certificate that looks very liquid?