Why most crypto trading strategies don’t fail at alpha, but die at structure?
Let’s talk about the invisible layer between a strategy and real capital.
1/ In TradFi, a strategy becomes a product because it fits into a known structure:
- SMA
- LP fund
- SPV
- Managed account The structure communicates access, rights, risks.
In Crypto, most strategies = performance with no structure.
2/ What is “structure”?
It’s how you:
- custody the assets
- prove performance
- define profit-sharing
- control risk
- ensure legal/operational clarity
It’s the infrastructure that turns alpha into capital.
3/ Common structural dead-ends:
- CEX’s sub-account → not LP-friendly
- Telegram OTC deal → no legal wrap
- DAO asset management → regulatory black hole
- High-return backtests → no KYC access
Your alpha is real, but your structure is undefined.
4/ LPs don’t fund alpha. They fund structured access to alpha.
- Risk-adjusted
- Legally wrapped
- Operationally sound
- Exit-defined
That’s why most “10% per month” strategies get $0 invested.
5/ The new winners in Crypto aren’t just traders.
They are strategy architects — people who:
- know what LPs want
- can wrap a strategy into fund/token/SMA
- understand custody, audits, payouts, fees
Smart money now needs Structured Alpha.
6/ Structura exists to map this blind spot.
We study how:
- Strategies become products
- Products become regulated funds
- Funds get LP-ready
Alpha ≠ outcome.
Structure = outcome.
