Just in the past month, I will summarize the strategy of "going long ETH and shorting a package of altcotts". Overall, this idea is very successful, ETH continues its strong performance, and for most of the month, other altcoins cannot rise ETH during the rise period, and the decline will exceed ETH during the decline. It can also be seen intuitively from the data that ETH. D has increased from 12% to 14.4%, and only 18 of the top 200 tokens on CMC by market capitalization have surpassed ETH in the past 30 days. The biggest advantage of this strategy lies in its robustness in the face of market fluctuations, even if ETH has experienced three pullbacks of more than 10% during the period, the return curve in Figure 2 still maintains an overall upward trend, which also makes the psychological pressure of hedging much less than unilateral long under the same position size. The key to the hedging strategy is to choose weak altcoins, according to the beginning of August, ETH from 3700 to 4380, and many altcoins are already lower than the price at that time. In the last few days of late August, because SOL suddenly became strong, it drove altcoins, which also led to some drawdowns in strategic returns. By the way, I would like to talk about my views on the chain, at present, because the upper exchange channel cannot be opened, resulting in a limited ceiling, it is still a good choice for small funds, but the cost performance for large funds is too low. In the past, the batting area was generally 2~10M on the car, 20~50M selling, and now most of the coins cannot break through 10M, either maintain full patience, only play Ani, Spark level narrative, or make a little profit and run, otherwise it is difficult to continue to make profits, and liquidity injection is needed, or some landmark events to open the ceiling to improve this situation.