3min chapter

Odd Lots cover image

Sam Bankman-Fried and Matt Levine on How the Crypto Market Really Works

Odd Lots

CHAPTER

Cryptocurrency Market Makers

In crypto markets, and particulars are so ment in their so many products. You'll see completely waky prints sometimes go up on onetiliquivenisan. Any exchange that doesn't allow any leverage or margin, there is sort of competing intuitions for what would happen there. But in general, i's less liquid there isn't less liquids like the liquid fiters don't have any ability to margin there. Lages run out a dollars spite. If there's to marginingthat also makes it waiy harder for market makers o pry liquidity, because they get ner 17 billion dollar reserves every plausible exchange gets.

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