
Crypto Is Trading More Like a Macro Market
For much of crypto’s history, the market seemed to operate in its own universe. Prices reacted to exchange failures, protocol upgrades, regulation, mining cycles and shifts in sentiment that often had
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For much of crypto’s history, the market seemed to operate in its own universe. Prices reacted to exchange failures, protocol upgrades, regulation, mining cycles and shifts in sentiment that often had

As trading and settlement accelerate, the time available to manage liquidity, operations and market stress gets shorter. Financial markets have spent decades trying to become faster. Execution moved f

In digital asset markets, access to liquidity increasingly depends on how efficiently capital can move between venues, accounts and settlement systems. For years, liquidity in crypto was discussed mai

For years, conversations about digital asset trading were dominated by access. Could firms enter the market? Could they find enough liquidity? Could they connect to reliable counterparties and build t

As digital markets expand across more assets and venues, access is increasing - but liquidity can become harder to navigate. Digital asset markets keep getting bigger. There are more assets, more trad

Tokenized equities and real-world assets are expanding what digital asset markets can actually represent and trade. For much of its history, digital asset trading revolved around a relatively containe