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過去半年看下來,真正能在牛熊切換裡保持穩定表現的策略非常少。
我越來越覺得,市場不好的時候,大家最後比拼的不是「故事」,而是回撤控制、流動性管理和團隊存活能力。
2025 年以來,crypto 整體表現並不算強,很多量化策略,尤其 CTA,做得都很吃力。
但也正因為這樣,能長期活下來、還能持續迭代的團隊,反而更值得被認真看待。熊市裡,穩定本身就是 alpha。