How many projects were invested in total before 18 made it to alpha? This is very important, of course, it is just one important aspect because getting to alpha does not mean that primary investors can make a profit. First, the market value of projects that reach alpha is generally low, which may lead to a certain degree of primary and secondary market inversion; second, it is a question of when the project team will release what proportion to primary investors. The profitability situation on perp is uncertain, while there will definitely be unrealized gains on spot. The rest is secondary operations, such as whether to hedge? Whether to do OTC? Don't be envious, overall, this investment cycle in primary is benchmarked against Bitcoin and results in significant losses!
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