Recently, I've been looking at projects that are on the RWA chain, and everyone is talking about "on-chain liquidity," which is basically like decorating the facade to look shiny... When it comes to redemption, the clause "T+N, credit limit, window period" is the real deal. It looks deep and solid on the surface, but it might just be that someone is willing to place an order; it doesn't mean you can leave whenever you want.

These days, some people are also using ETF capital flows and US stock risk appetite to explain crypto price movements. I find it amusing; when the sentiment indicator heats up, it's easy to mistake "being able to trade" for "being able to exit." I tried a small test with 20 USDT, waiting three minutes for confirmation, which was fine, but I was already thinking: if a large amount really comes in, will I be queuing... Anyway, I’ll post a cat picture first to calm down and not be hypnotized by the words "liquidity."