#加密资产交易风险管理 Seeing this news, my first reaction is—once again, we are witnessing a familiar historical cycle.

During the ICO boom in 2017, everyone was hyping up automated trading systems and how they would change the game. And what was the result? Most ended up becoming tools for rug pulls. Now with AI agents coming, the industry is talking about the "iPhone moment" approaching, and this metaphor itself carries an optimistic tone.

But I have to admit, this time it seems genuinely different. The shift from absolute return pursuit to risk-adjusted metrics—this shows that market participants are learning. When dedicated trading agents start incorporating metrics like the Sharpe ratio and maximum drawdown, what are they essentially doing? Risk management. This is the realization gained from the bloodshed of retail investors after 2018.

The words of the marketing officer at Recall Labs made me pause—those who truly benefit in the long run are still the institutions with resources to develop privatized tools. That’s the core issue. Democratization sounds beautiful, but what does the accelerated consumption of Alpha mean? It means the window is narrowing. Retail investors barely beat the market with general large models, while institutions use customized tools to lead by double, widening the gap.

History is repeating itself here. When tools become easily accessible, the real advantage isn’t in the tools themselves, but in how to use them and how long it takes to create a difference. The idea of an "intelligent portfolio manager" does have potential, but the prerequisite is—you need enough capital and time to tune risk parameters, and most people are out in the first round of turbulence.

That’s why I always believe that technological progress and risk management improvements have never been synchronized.