6min chapter

The Macro Trading Floor cover image

The Real Stress Is Not In The US, But Elsewhere | Brent Donnelly

The Macro Trading Floor

CHAPTER

Cryptocurrency

FTX, the company that sponsored Peloton, has lost $10 billion of arbitrage money. That's a huge shock because they had already won the game and were supposed to take their chips and go away. So I think this is like almost fatal for confidence in crypto, simply because it goes back to maximalist people say not your keys, not your coins. But now we are a little bit looking into idiosyncratic issues here and there. It looks to me a bit like a second leg of a bear market where it's a slow grind.

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