Recently, I've seen a bunch of people monitoring large transfers on the blockchain and unusual movements in exchange hot and cold wallets, then starting to interpret it as "smart money entering the market." Actually, I've seen this kind of show many times; in the end, the one who can trap you is often not the buy-in moment, but the sell-off moment.

RWA on the chain is quite similar: the liquidity looks very attractive on the interface, there are pools and quotes, but honestly, when it comes to redemption, the real focus is on the bunch of "window periods/limits/delays/reviews" in the terms. Anyway, when I see "redeemable at any time," I first assume "can wait at any time," and I think through the redemption path and worst-case scenarios first. Otherwise, if the narrative breaks, liquidity can evaporate faster than anyone.