Why did Lao Li recently think of switching to the chain to compete for opportunities?
Zijin's liquidity in the secondary market is insufficient, and even if there is a strong narrative, there will not be much fluctuation for the time being. At present, Boshanzhai on the chain can at least get a share of the pie.
If you have traded or invested in the crypto market over the past 12 months, you will have noticed a common theme: divergence in altcoin performance. In other words, the market has become more mature and the number of altcoins has exploded, while the total amount of capital required to purchase these altcoins has remained roughly the same or declined slightly. These factors combine to make altcoin selection a critical factor in success in the crypto market.
Lao Li recently emphasized that the crypto market prefers active strategies, and simple "buy and hold" often does not bring significant excess returns. With Bitcoin or Ethereum, anyone can now easily acquire it. If you are not going to compete with Citadel and Jane Street, your advantage should be focused on on-chain altcoins, choosing those areas that are easiest for market participants to enter.
The performance of the Ethereum ETF has been mediocre so far. Lao Li believes that the inherent reflexivity of the crypto market has not disappeared because of the existence of ETFs. Broad market demand for risky assets such as cryptocurrencies will positively impact ETF inflows, while a sharp sell-off in Bitcoin will negatively impact ETF inflows. Simply put: you'll see a surge in inflows at market highs, just as interest in cryptocurrencies increases when prices rise. There may be some sustained institutional buying on value prices (especially Bitcoin), but retail inflows will respond to a reflexive rise in price, as in past cycles.
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