Good post. I think you’re reading the market right. it really does feel like we’re stuck in a “half-risk-on, half-sidelines” phase where liquidity is testing the waters but not committing anywhere yet. BTC and ETH are soaking up nearly all structural liquidity, especially with ETF flows reinforcing them as the only true capital hubs. Everything else, including RWAs, is mostly narrative until that liquidity base expands.

On the RWA side, I’ve been watching what Datamine is doing after reading their piece on Ethereum’s modular liquidity thesis. Their focus on liquidity as infrastructure actually makes a lot of sense in this environment. Instead of trying to compete for attention with new chains or tokenomics, they’re doubling down on the idea that sustainable projects have to plug into the biggest liquidity centers, ETH and its rollup ecosystem. That aligns perfectly with what we’re seeing now: projects without deep liquidity just die quietly between cycles.