When a Quant Competition Loses Money, What the Market Reveals. ──────── Crypto Trading Industry Report 2026 · Executive Preview A quantitative trading competition. Over 30 teams. 8 million USDT in real capital. 207 million in trading volume. A capital turnover rate of 13.88x. You might expect a triumphant story of outsized profits. Instead, the aggregate P&L came in at negative 378,000 USDT. It was not one team that underperformed. It was most teams. These are the unvarnished results of...

Published by: CGV Research Authors: Shigeru & Cynic Today, prediction markets are evolving from a "fringe financial experiment" into a foundational layer of information, capital, and decision-making systems. In 2024–2025, the market witnessed the breakout of platforms such as Polymarket and Kalshi; looking ahead to 2026, what the market may face is the systemic evolution of prediction markets as a new form of information infrastructure.Based on continuous research over the past two years...

Published by: CGV Research Authors: Shigeru & Cynic Beyond the cheers and roars in the stadium, another invisible contest has long begun. It's not on the field, but in the market - betting, trading, price fluctuations, converging the judgments and emotions of millions worldwide. However, traditional sports betting is facing a crisis of trust: odds are set by bookmakers, rules are opaque, and match-fixing and corruption are frequent. Prediction markets are reconstructing the logic of sports...