Investment Record | December 2025
Entering December, it has been some time since the interest rate cut in September. The market's first round reaction to liquidity expectations has basically run its course, but my overall judgment of the environment has not fundamentally changed.
Before liquidity is fully confirmed to turn, I still prefer to control risk exposure, focusing on asset structure and liquidity management, rather than participating in short-term volatility.
Current Holding Structure
Precious Metals (40% | Physical)
Gold 30%
Platinum 10%
This part is entirely held in physical assets, mainly considering systemic risk and currency credit issues, rather than short-term price judgments. The allocation of platinum is more based on the stability of the metal and its scarcity being three times that of gold; the proportion is not high and mainly serves a diversification purpose.
Bitcoin (12%)
$BTC
Bitcoin remains the core position in crypto assets.
Currently, there is no active increase in allocation, more as a long-term asset to keep exposure, maintaining a moderate position until liquidity and risk appetite truly improve.
US Stocks (13%)
Alphabet Inc. (NASDAQ: $GOOG) 4%
Circle Internet Group (NYSE: $CRCL) 4%
Coinbase Global, Inc. (NASDAQ: $COIN) 5%
The logic for Google remains consistent with before, still based on the judgment of AI and hardware, and ecosystem integration capabilities.
Circle and Coinbase are more about equity exposure in the infrastructure layer of the crypto industry, with positions controlled within an overall bearable range.
Various Fiat Currencies + Stablecoins (30%)
This part is mainly used to maintain liquidity and flexibility, to cope with potential volatility or repricing phases.
At this current stage, I value the mobilization of funds more than pursuing full position efficiency.
Football Fan Tokens (5%)
This is a clearly high volatility, non-core position, more about participating in events and sentiment market, with a strictly controlled proportion.
Current Judgment
Overall, I still maintain the original thinking:
Before the direction of liquidity is clear, controlling positions and maintaining patience is more important than chasing temporary market trends.
Currently, this structure leans more towards defense and waiting, while retaining certain offensive options. Whether to increase the proportion of risk assets later depends on whether liquidity and market pricing show clearer changes.
