Lucida & Falcon

In October, the market experienced a dramatic reversal: the Federal Reserve's interest rate cut not only failed to boost the market but instead triggered a massive crash in the cryptocurrency sector, amounting to $400 billion. The core contradiction lies not in macro policies but in the market's internal fatal weakness—when the black swan of Trump's tariffs struck, high leverage instantly pierced through the thin liquidity. However, the real story lies beneath the rubble: new narratives such as AI + crypto, RWA, and prediction markets have quietly emerged.

In the wave of wealth in the crypto world, we are always looking for that perfect platform that allows us to "win by lying down." In the previous issue, we analyzed the profit potential of various exchanges, but behind high returns often lurk higher risks. A truly excellent exchange should not just be a fleeting "wealth creation myth" maker, but should be a reliable "guardian" of your assets. So, who can remain calm in the frenzy of the market and accurately clear the mines for you?

"Isn't it all the same which exchange to buy coins from?" — This is a common thought among many investors, especially beginners. They believe that as long as they choose the right asset, the exchange is just a trading channel. But is that really the case?

With the development of the Crypto industry, the correlation between market trends and the macro economy is becoming increasingly significant, and macro analysis is becoming a necessary part of market analysis.

The liquidity factor is long-term effective in high-frequency markets and is one of the important tools for fund managers to obtain Alpha.

From the perspective of multi-factor cross-sectional regression, establish a factor orthogonalization system.

Build a strong cryptocurrency asset portfolio using multi-factor strategies.

By analyzing the sector data on Falcon, we found that nearly 50% of the sectors had a return rate lower than Bitcoin in the past 90 days.

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