Sunlc.eth.lens

The funding curve for 2025 is not very promising, with an overall drawdown of 10%, including approximately 10% from alpha returns and -20% from beta returns.
Year-end summary will be sent tomorrow.

This month, the overall funding curve has seen a significant drawdown, basically reaching the year's low point. Currently, the Spot position is still at 80% without reducing position, and some puts have been sold between 90k-75k to buy the dip; this bull run has not ended yet.
However, there shouldn't be any large-scale position increases in the crypto space moving forward, and if the chips bought at the dip are also profitable, just take the profit and exit.
The remaining 20% of funds are now gradually dollar-cost averaging into US stocks. If there is a major correction in US stocks,

The current crypto world has little alpha left. Not only is AI draining funds, but it's also sucking up electricity. OpenAI is stepping on its left foot with its right, collaborating with major giants to frantically build data centers, and what's most lacking is not chips but electricity. BTC's Computing Power has not risen for a long time.

The capital curve experienced a pullback in October, but not getting liquidated on October 11 is already the biggest luck.
This year, BTC not only failed to outperform the US stock market and gold, but surprisingly, it also couldn't outperform the A-shares.

This month many airdrops were released, although I didn't get any big ones, I still received quite a few small ones, and the capital curve continues to rise steadily.
There is something I can't help but want to talk about. Recently, I found that many people, including many friends around me, are trading with ma120 and getting worn out repeatedly.
To say something offensive, this trading method is a very trashy strategy and is completely unsuitable for the current BTC.
Many people choose this strategy based on the conclusions drawn from backtesting data from 2017 or even 2015 to the pre

The Suiplay handheld console received it before the Solana phone, but the Airdrop wasn't very much, and I'm still far from recouping the investment.

School starts on September 1st, off-peak trip to New Zealand.

The capital curve has basically remained stable this month, which does not affect the continued firm holding.
Recently, many people have started to choose to reduce their positions due to pullbacks, while my position has hardly changed in the past two years. For long-term bullish assets like BTC and ETH, there is no fear of fluctuations of twenty or thirty points. Since Wall Street has already entered the market, they are not here to make a small profit and run like retail investors. If you cannot hold an asset for five or ten years, then you shouldn't hold it for even a minute.

The Claude code I built myself for relay is finally able to run the Opus model stably.
In the past month, the quantitative trading framework has been almost completely rebuilt and upgraded using Claude code, achieving an efficiency that is 10 times that of the original.

The funding curve in July finally surpassed the ATH of January.
No matter how much you play around with alpha returns, ultimately, you still have to look at the beta returns based on the rise and fall of the coin price.
Next, we will see the performance of ETH.

A-shares have unknowingly surpassed 3600+, competing closely with ETH. If ETH is following a market maker exchange trend, then is A-shares following a personnel exchange trend?