How many projects were invested in total before only 18 made it to alpha? This is really important, but of course, it’s just one key factor. Making it to alpha doesn’t mean primary investors can make money. First, the market cap of projects that make it to alpha is generally low, so there might be some degree of primary-secondary inversion. Second, it’s about when and how much the project team releases to primary investors. Listing on perp doesn’t guarantee profits, but listing on spot always comes with some floating gains. The rest is all about secondary market operations, like whether to hedge or do OTC deals. Don’t envy others—overall, in this cycle, investing in primary projects compared to holding Bitcoin is a bloodbath loss!