Crypto Market Making and $GBTC Deep Dive w/ @MaxBoonen (B2C2)

TechnicalRoundup is sponsored by Blockfolio
Visit Blockfolio: https://blockfolio.com/​
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GUEST DETAILS

Max Boonen (@MaxBoonen) is co-founder of B2C2, one of the largest electronic market making firms in the cryptocurrency space.

Twitter: https://twitter.com/maxboonen
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TIMESTAMPS

00:00 - 07:22 - Introduction to Max and B2C2
07:23 - 10:45 - Normal Day at an Electronic Market Making Firm
10:46 - 13:17 - Open Access to Data in Cryptocurrency Trading
13:18 - 16:56 - What is a Market Maker? Dispelling Common Myths
16:57 - 23:35 - Alpha Leak: Adverse Selection, When to Make vs Take, Tick Sizes and Order Queues
24:15 - 28:22 - What Is GBTC? Is it an ETF?
28:23 - 32:55 - Why Does GBTC Trade at a Premium?
32:55 - 34:05 - Arbitraging GBTC Premium (Trade Structure)
34:05 - 35:55 - Asymmetry of No Analogous GBTC Negative Premium/Discount Trade
36:55 - 41:50 - Discussing Trade Ideas and Mechanisms for Arbitraging GBTC Discount
41:51 - 43:50 - Revisiting the GBTC Premium Arbitrage Trade - Why Didn't B2C2 Trade it?
43:50 - 45:20 - BlockFi Enters the Premium Arbitrage Trade (+ small disclaimer)
45:21 - 49:13 - BlockFi's GBTC Trade and Likely Source of Yields
49:15 - 50:15 - Competition as a Cause for Reduced Premia
50:25 - 52:45 - Pressure to Close Trades Resulting from Reduced Premia (Liquidation Cascades, Financing Costs)
53:08 - 56:54 - How Discounted Can GBTC Become? Correlation Trades and Right Way Risk
56:55 - 1:01:00 - Max Discusses His GBTC Trade
1:02:20 - 1:03:30 - DonAlt Discusses His GBTC Trade Idea
1:03:31 - 1:07:31 - Should GBTC Become an ETF?
1:07:32 - 1:11:35 - Speculating on BlockFi's Book Structure
1:11:36 - 1:18:10 - Yield Products and Lending in Crypto
1:18:11 - 1:20:37 - Scams and Rug Pulls
1:20:38 - End - Final Advice and Wisdom from Max

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