The narrative hype around Delta neutral strategies has gradually cooled down. In this wave, there are indeed many scam teams under the banner of "neutral" that are secretly betting on the direction, fueling the hype.

Represented by Ethena, the new generation of products essentially packages and monetizes Delta neutral strategies on a larger scale. During the early bull market environment, with ample liquidity and relatively stable counterparties, such strategies indeed appeared attractive—low-risk labels combined with promises of stable returns easily attracted capital inflows. But reality quickly provided an answer: the market volatility on October 11 directly exposed this illusion. When the market fluctuates violently and liquidity suddenly dries up, the so-called "low risk" is revealed. This lesson reminds us that the safety of any financial strategy depends on the market environment, and the market will never evolve according to the most ideal script.