2020–2024 making money through news trading / funding rate arbitrage / automated trading is essentially taking advantage of a 'unique era dividend window,' which will most likely no longer be replicable after 2026. 2020–2024 is one of the 'last golden eras of cryptocurrency,' characterized by extremely unique features: 1. Low efficiency and massive information asymmetry; 2. Extremely lucrative funding rate arbitrage; 3. Huge profit margins for automated trading. After 2026, the outlook for these three models: 1. News trading (basically dead); 2. Funding rate arbitrage (low returns, essentially meaningless); 3. Automated trading (only institutions can play).