一个 OKX 用户的 2025 自述

Core Insights - The article emphasizes the importance of comparing individual performance against broader market trends to understand the reasons behind profit and loss in trading activities [1][4] - It highlights a shift in the cryptocurrency industry from growth driven by beta expansion to survival based on structural integrity, indicating a more challenging environment for traders in 2025 [4][20] Performance Analysis - The author achieved a 36.75% annual return, outperforming 96.11% of OKX users, suggesting that many accounts are likely struggling in the current market conditions [7][5] - The trading behavior included 68 active trading days and 1,670 transactions, indicating a high level of engagement, primarily driven by a grid trading strategy [7][17] Market Dynamics - The market in 2025 is characterized by concentrated capital in major assets like BTC, with many small-cap altcoins underperforming, leading to a decrease in directional trading tolerance [7][5] - The article notes that the supply-side actions, such as the destruction of over 60 million OKB tokens, have significantly impacted the asset's value and perception [11][14] Strategic Insights - The X Layer upgrade by OKX, which positions OKB as a gas token, aims to enhance the platform's utility in DeFi and payment sectors, although progress has been slower than anticipated [12][20] - The article discusses the importance of stablecoin yield and flash trading as tools to prevent idle capital, emphasizing a more pragmatic approach to trading in a less favorable market [13][17] Future Outlook - The author expresses uncertainty about the future of the cryptocurrency market in 2026, noting that many narratives have been tested and found lacking, leading to a more cautious outlook [19][20] - There is a belief that the industry may return to a phase of "boring but real" developments, focusing on stablecoin payments and structured trading rather than speculative narratives [20][21]