After accumulating a certain amount of cryptocurrency, the large downward trend is really painful. These past two days, I've been thinking about how to make the large fluctuations in the value of BTC/USDT more controllable, so I can feel better. Otherwise, the sudden large value fluctuations are unbearable for me. My initial idea was to use a 1x coin-based short grid trade, which is equivalent to a certain degree of hedging, reducing USDT losses and automatically closing the position during the decline to obtain some BTC. Using a proportional grid, the actual BTC in the order book decreases as the same number of contracts rises, thus mitigating the BTC losses from shorting during the rise. At first glance, this seems like a good idea. However, after actual calculation, I found that the risks of going up and down are completely unequal. Going up to 89K only yields a profit of 50K, which is equivalent to a loss of 250K. Going down to 43K results in a loss of 280K, which only reduces the loss by 110K. In fact, this is a subjective short operation based on the assumption that the direction will be downward. Currently, the most objective approach, based solely on my own risk tolerance, is probably collars. Combining BTC spot trading with options to lock in future profits and losses over a certain period—that is, a combination of Long BTC + Long Put (locking in the floor price) + Short Call (locking in the ceiling price)—might be the most suitable solution for me. Assuming the market recovers from a bear market in 120 to 180 days, and looking at the BN market, the premiums for a 55,000 put and an 85,000 call, settled at the end of June, are similar. This means locking in profits and losses at a very low cost is more within my current six-month income tolerance range.