Recently, I saw a bunch of people staring at on-chain large transfers and fluctuations in exchange hot and cold wallets, then just saying "Smart money is here" and rushing in. I really want to laugh… Honestly, this is similar to RWA on-chain where “liquidity looks great”: having trades on the market doesn’t mean you can always convert back to fiat currency. The redemption terms like T+N, window periods, quota limits, and the possibility of pausing redemptions in extreme situations are usually ignored; it’s only when you want to exit that you realize the door is half-open.