#RWA代币化 Seeing that the CFTC has launched a pilot program for digital asset Collateral, allowing BTC, ETH, and USDC to be used in the derivation market, my first reaction is to be cautious. This sounds very Favourable Information, but I need to calmly think through a few questions.

Firstly, in the wave of RWA tokenization, I have seen too many projects raising money under the banner of "on-chain assetization". The recent actions of the CFTC are indeed a signal of traditional finance moving closer to on-chain, but what does this actually mean? It means that the derivatives market will become increasingly complex, and the risks for retail investors will rise exponentially.

The historical lessons are right in front of us — every time there is a moment of "official recognition," it marks the beginning of a new round of harvesting retail investors. Institutions will take advantage of favourable policy to drive prices up, retail investors will follow suit out of FOMO, and then once liquidity is abundant, the harvesting begins. I have seen this script too many times.

The key point to look at is the disclosure data over the past three months. FCM is required to disclose the holding scale and classification on a weekly basis, which is actually a good transparency measure, but it also gives speculators ample time to observe the market and set traps.

My advice is straightforward: even if this is truly favourable information, now is not the time to participate blindly. Wait for three months, observe the real movements of large funds, and then decide whether to follow up. Those who are eager to tell you about a "historical opportunity" are mostly not looking out for your best interests. Living longer is much more important than living faster.