#加密衍生品交易发展 Looking back at the development of crypto derivatives trading, it's hard not to think of the story of that sports betting king on Polymarket. From $5,000 to $3.8 million, then almost down to zero within a week—the dramatic ups and downs are truly thought-provoking. On reflection, this is really a microcosm of crypto market volatility and leveraged risk.

This reminds me of the launch of Bitcoin futures in 2017. At that time, the market was also full of both opportunities and risks. Many people got rich overnight, while others lost everything. History does tend to repeat itself. Whether in traditional finance or the crypto market, overly aggressive speculation rarely escapes disaster.

The Polymarket case once again reminds us: in the rapidly developing field of crypto derivatives, the importance of risk management and rational decision-making cannot be overstated. In the future, as the market matures and regulation improves, we may see a more stable and sustainable development model. But until then, for ordinary investors, caution is paramount—don’t let the lure of short-term windfalls blind you.