#ETF与衍生品 Seeing Hyperliquid's share drop from 80% to 20%, many people are starting to worry. But what I want to say is that this is precisely a case worth pondering—it's not the problem of derivatives themselves, but how we view risk.

The volatility of the derivatives market is inherently high. Hyperliquid's story tells us that even former market leaders can face short-term shocks due to strategic adjustments. The easiest mistake to make at this point is to chase hype and follow the trend to switch positions.

My advice is simple: if you have allocated to derivatives-related ETFs or products, now is the time to review whether your positions are reasonable. The high returns of derivatives are often accompanied by high risks, and they should only be a small part of your overall asset allocation. Just like the cycle Hyperliquid experienced, any single track will have ups and downs; the key is to keep these fluctuations within your capacity to withstand.

Mechanisms like HIP-3 and Builder Codes indeed have potential, but there is still a gap between "potential" and "actual returns." Don't be attracted by stories of turnaround; instead, ask yourself: can I afford a 50% drop on this money? If the answer is no, then no matter how good the narrative, it’s not suitable for you.

The essence of a long-term mindset is to find a balance between enticing stories and rigorous allocation.