I was chatting with a friend in Beijing today, and he told me that in today's crypto world, even quantitative trading is no longer viable. A year ago, we were talking about how we used to have a 5% profit per quarter, but since May of this year, we've been losing money for four consecutive quarters. Currently, only BTC strategies are still going strong, but the funds have been withdrawn. You're still hoping for an altcoin bull market and a rebound, but liquidity market makers are nowhere to be seen. This shows how dire the crypto industry is.