Over the past six months, I've noticed that very few strategies can truly maintain stable performance through bull-bear transitions.

I'm increasingly convinced that when markets struggle, what everyone ultimately competes on isn't "narrative," but drawdown control, liquidity management, and team survival capability.

Since 2025, crypto's overall performance hasn't been particularly strong, and many quantitative strategies, especially CTA, are having a tough time.

But precisely because of this, teams that can survive long-term and continue iterating are actually more worthy of serious attention. In a bear market, stability itself is alpha.