#系统风险事件 Looking back on 2025, the systemic risks in the crypto market have completely changed.

Since the $1.4 billion theft at Bybit at the beginning of the year, I realized that exchange operational risks are becoming more deadly than price volatility. Custody, signing processes, counterparty risk—these once-overlooked details now directly determine the fate of funds. Then came the tariff shock in April, and in October, after Bitcoin surged to 125,000, the $19 billion liquidation wave made the resonance characteristics of risk assets more apparent. Cryptocurrency has now fully integrated into macro cycles.

The most interesting part is the summary of the four long-term trends at the end: market access is accelerating expansion, but risk constraints are lagging behind. Stablecoins have become financial infrastructure, ETPs are gaining a fast track, and institutional funds are continuously flowing in—things look good on the surface, but the reflexivity risk is being amplified sharply.

This has a direct impact on copy trading strategies: simply following a master’s historical return curve is no longer enough. Now, it’s essential to see how this trader handles systemic shocks, how risk exposure is set, and whether there is discipline for active stop-losses in a high leverage resonance environment. The end-of-year verdict on Do Kwon also reminds us that on-chain ecological risk events may be related to your copy trading counterpart—these need to be checked in advance.

It is recommended to adjust the position allocation logic: increase the weight of conservative traders, especially those who can control drawdowns during increased volatility. Aggressive traders may have attractive return curves, but in such an environment, risk compensation may not be worth it. Practice makes perfect; the lesson this year is: surviving is more important than making quick money.