Today I was chatting with a friend in Beijing, and he told me that in the current crypto space, even quant trading can’t operate anymore. A year ago, we discussed that it was still possible to make a 5% profit per quarter, but since May this year, there have been losses for four consecutive quarters. The only strategy still running is BTC, but the funds have been withdrawn as well. People are still hoping for an altcoin bull market or a rebound, but even the liquidity market makers have disappeared. This shows just how brutal the crypto industry has become.