For the future compliant cryptocurrency asset management market, strategies such as fat-tail-hedging are quite valuable. Considering that there is a larger tail in this market, spot long holders or hedging industrial capital will definitely seek some kind of hedging means to prevent a tail risk larger than 2020.3.12 from causing huge losses.

Considering the fact that market volatility and interest rates are related by the second-order derivative, black swans will definitely happen countless times in the future.

Even arbitrage funds actually need such configuration. After all, the "exchange crashes and pins are blown up" thing...

In the mature US market, Capula and AHL have special funds for such strategies.

If Luna and 3AC in 2022 (FTX is a scam and is not included in this list) bought insurance for themselves, hedged the tail, and finally survived the last bear market, what would it be like today?