#2026年比特币行情展望 Has traditional finance also learned the tricks of the crypto world? Beware of the dealer’s play behind high premiums

Recently, I saw an interesting thing—the Guotou Silver LOF fund became popular. The net asset value is only 2 yuan, but in the secondary market, it was driven up to 2.25, with a premium of nearly 12%. At first glance, it’s indeed impressive, but from a crypto perspective? It’s basically a magnified version of a “dog coin’s sudden surge.”

Think about it: what is the essence of the huge deviation between price and net asset value? It’s a game of double-dealing. The dealer inflates the price to attract buyers, and when enough chips are gathered, they suddenly sell off to cash out, leaving retail investors with huge losses. This kind of play is common in traditional funds, but what about the altcoins in the crypto world that have no daily limit on price movements? They grow even more wildly.

**A few warning signs to watch out for:**

Any asset with a high premium should ring alarm bells. Gold, silver, Bitcoin—all the same. Once the price diverges from the actual value, it has already become a bubble. Funds are also playing tricks like “limited subscription,” creating a false scarcity with a 100 yuan purchase limit. This is similar to some small exchanges’ “flash sale” marketing tactics. The most dangerous are those net asset value buyers, who are told in announcements that the premium is unsustainable, yet some still rush in.

**Reflections from a crypto perspective:**

Altcoins flying everywhere are the most prone to trouble. Coins without ecosystems or technology, relying solely on hype, can’t withstand a sell-off even if their gains are outrageous. Hot money moves quickly, and smart investors know to keep some bullets in cold wallets. The biggest risk in a bull market is FOMO and all-in bets; at least 50% of the position should be reserved to prevent being washed out.

Another interesting phenomenon—high premiums in traditional finance might indicate the opposite: smart money is looking for new undervalued opportunities. While the fund world plays this high-premium game, staking and mining in the Ethereum ecosystem, or undervalued mainstream coins, might be overlooked.

**What you should do now:**

Review your holdings. For coins with absurd gains but no core story, reduce your position during rebounds. The truly solid projects are those with strong fundamentals and active ecosystems. When the market wakes up from the “silver premium bubble,” those who have already made precise arrangements will be able to profit effortlessly.

In one sentence: High premiums that you don’t understand are just ladders for others to cash out—don’t be the bag-holder.