According to Julian Kwan, the next RWA cycle will be led by verifiable and scalable asset flows rather than headlines, directing traders to prioritize tokens and protocols that prove real collateral and cash flows on-chain; source: Julian Kwan on X, handle julian2kwan, Nov 21, 2025. Actionable signals include sustained net inflows and outflows that are auditable on-chain, scalable mint and redemption activity that settles reliably at volume, and improving secondary market depth and tighter spreads as infrastructure professionalizes; source: Julian Kwan on X, handle julian2kwan, Nov 21, 2025. This framework implies allocating attention to RWA platforms with transparent proofs and operational throughput while being cautious with narrative-only tokens, using on-chain flow confirmation to time entries and exits; source: Julian Kwan on X, handle julian2kwan, Nov 21, 2025. In short, trade the proof of flows and the quality of infrastructure, not the headline narratives, to capture liquidity-driven opportunities in tokenized assets; source: Julian Kwan on X, handle julian2kwan, Nov 21, 2025.