In the blink of an eye, 2025 is already more than half over, and the funding curve in June is still relatively stable.


I roughly calculated that the alpha return in the first half of the year, excluding cryptocurrency price fluctuations, is only 5%, which annualizes to only 10%. In previous years, it was at least 30-50%.
Making money in the crypto space is getting increasingly difficult. With the advancement of compliance and the growing number of stablecoins, it is hard for large funds in the crypto space to achieve risk-free returns exceeding 10%.
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