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过去半年看下来,真正能在牛熊切换里保持稳定表现的策略非常少。
我越来越觉得,市场不好的时候,大家最后比拼的不是“故事”,而是回撤控制、流动性管理和团队存活能力。
2025 年以来,crypto 整体表现并不算强,很多量化策略,尤其 CTA,做得都很吃力。
但也正因为这样,能长期活下来、还能持续迭代的团队,反而更值得被认真看待。熊市里,稳定本身就是 alpha。