I've seen a very interesting case in the past few days and want to discuss the overlooked risk patterns in the crypto market.

Recently, a silver tracking fund has gained popularity, and the reason is quite absurd—the trading price is 45% higher than the actual asset value. In other words, for a fund product you buy at 100 units, the actual silver assets inside are only worth 68 units, with the remaining 32 units being purely inflated. This operation clearly exemplifies "cutting leeks," with a 1 billion order firmly holding the limit-down, and retail investors attracted by the 45% premium now have no way to complain.

How does such an exaggerated premium form? It’s essentially a game of capital speculation and expectations. When the market starts predicting silver prices will rise, and various funds keep fueling the hype, retail investors are like being hypnotized into pouring money in. The more people get excited, the greater the gap between the price and the actual asset value. As a result—when the truth is revealed—the bubble bursts instantly, and those caught inside can only accept reality.

This actually reflects a deeper issue. Recently, macroeconomic changes have been rapid. The Federal Reserve’s liquidity policies have sent signals, leading many to mistakenly believe that a new round of monetary easing is imminent, prompting various assets to be repeatedly speculated upon. But in reality, short-term liquidity injections cannot change the long-term market trend; instead, they fuel greed among speculators, causing bubbles to grow larger. When the bubble finally bursts, the fall is even more severe.

In the crypto market, this pattern of "macro policies + capital speculation" is even more prevalent. New policies emerge, whales build positions, hot concepts suddenly explode in popularity… every signal can become an excuse for capital to jump in, ultimately creating cycle after cycle of bubbles. Those who understand these patterns get in early, while those who don’t become the final bagholders. So, to survive in this market, you must understand these tricks; otherwise, you’ll eventually become someone else’s pawn.