Neutral strategy narratives have already come to an end, and many of the credit goes to scam teams that pretend to be neutral but actually gamble on dog meat with sheep's head strategies.

Products like Ethena essentially turn delta-neutral into a scalable profit packaging. In the early bull market, with ample funds and stable counterparties, this strategy appeared to be low risk + stable returns. But on 10.11, it was immediately proven wrong.

Because neutral strategies only shift risk from price volatility to liquidity counterparty basis structures and extreme events, Ethena's safety to some extent comes from the fact that it only deals with major cryptocurrencies or that most of the funds are not deployed.

When the market enters a phase of high volatility, liquidity stratification, and increased regulatory or exchange risks, these hidden risks will be exposed all at once:

1) More extreme volatility, less stable correlations
2) Excessive homogenous strategies lead to higher counterparty concentration
3) Black swan events are no longer tail risks but occur periodically

In such an environment, the moat becomes how I survive when the strategy fails.

My view is that projects that succeed in the future will resemble risk systems rather than yield products. Neutral strategies will continue to exist but will revert to being part of professional capability, no longer a core narrative that can be simply packaged, scaled, and externally guaranteed.