Monetary Matters with Jack Farley Beating Bitcoin at Scale with Directional Crypto Strategies | Sam Gaer of Monarq Asset Management
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Dec 9, 2025 Sam Gaer, CIO of Directional Strategies at Monarq Asset Management, dives into the world of quantitative crypto trading. With a rich background as a market maker and exchange technologist, he discusses how his innovative strategies have consistently outperformed Bitcoin. Gaer emphasizes the growing institutional interest in crypto, the importance of risk management, and the evolution of trading technologies. He also shares insights on the cultural differences between crypto and traditional finance, as well as the potential for capitalizing on market volatility.
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Institutions Reject Erratic Return Streams
- Institutions hate volatile, non-benchmark-correlated return streams even if they accept asset-class exposure.
- That volatility has scared large allocators away from crypto directional funds despite interest in the asset class.
1010 Exposed Market Fragmentation
- The October 10/11 event was a perfect storm of liquidations and evaporating orderbook liquidity across CeFi and DeFi.
- It produced big drawdowns without a single firm collapse, exposing market fragility and fragmented liquidity.
Long-Term Crypto Performance Still Dominant
- Zooming out over five years shows Bitcoin and Ethereum massively outperform most assets despite short-term noise.
- Long-term performance argues for maintaining exposure to decentralized fixed-supply assets.
