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HideNotSlide's profile
Hide Not Slide
Hide Not Slide
Hide Not Slide
@HideNotSlide

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Hide Not Slide

@HideNotSlide

Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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Joined December 2014

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    1. Hide Not Slide‏ @HideNotSlide Mar 1

      When Coinbase goes public later this year, Brian Armstrong should give a big hat tip to CME on direct listing day. Coinbase wouldn't be anywhere near where it is today without CME's massive institutional Bitcoin futures market. A thread:

      1 reply 2 retweets 29 likes
      Show this thread
    2. Hide Not Slide‏ @HideNotSlide Mar 1

      ~85% of Coinbase's revenue comes from its core crypto transaction business - taking a % of each trade executed on its exchange. Coinbase entices institutional volume with discounted fees to trade against its retail clients who pay full price - a classic dynamic among exchanges.pic.twitter.com/nPNOJTqrEk

      1 reply 0 retweets 4 likes
      Show this thread
    3. Hide Not Slide‏ @HideNotSlide Mar 1

      As of February 2021, Coinbase dominates crypto trading in the US. This wasn't always the case however - market share has slowly increased since late 2017 with gains coming from rival exchange Bittrex:pic.twitter.com/MDVy4WNxYT

      1 reply 0 retweets 0 likes
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    4. Hide Not Slide‏ @HideNotSlide Mar 1

      Coinbase's market share inflection point came at the same time that CME launched Bitcoin futures, which is not a coincidence. As CME's futures business has grown, Coinbase's share has grown in direct proportion:pic.twitter.com/IyxwXqYOQr

      1 reply 1 retweet 3 likes
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    5. Hide Not Slide‏ @HideNotSlide Mar 1

      CME's Bitcoin market is almost solely institutional. One contract equals 5 Bitcoin (~$250K notional), and traders have to post high amounts of margin given BTC's volatility. The contract is also cash-settled, meaning institutions don't have to touch physical BTC to trade it.

      1 reply 0 retweets 1 like
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    6. Hide Not Slide‏ @HideNotSlide Mar 1

      A paper published in late 2020 argues CME's futures market leads Bitcoin price discovery. This isn't surprising - institutions are generally more informed, so their positions should impact the market more. HFT firms then arbitrage CME's futures market into the spot market.pic.twitter.com/lvaxjjBDGi

      2 replies 0 retweets 5 likes
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      Hide Not Slide‏ @HideNotSlide Mar 1

      Where does HFT arb CME's futures market? They'll go to the most liquid, established exchange with a clean record when it comes to hacks & manipulation. Coinbase far and away leads the pack. HFT offloads their trades to the retail crypto masses, paying discounted fees to do so.

      3:32 PM - 1 Mar 2021
      • 4 Likes
      • Lucre Snooker Aneel ✊🏽 Stanislav Kozlovski 🌞 emily
      1 reply 0 retweets 4 likes
        1. New conversation
        1. Hide Not Slide‏ @HideNotSlide Mar 1

          Without CME's futures market, institutions wouldn't be able to trade Bitcoin as freely or in the same kind of size, and HFT wouldn't have a clean way to arbitrage high-information trades. Volumes & market share on Coinbase would be nowhere near what they are today.

          1 reply 0 retweets 4 likes
          Show this thread
        2. Hide Not Slide‏ @HideNotSlide Mar 1

          I'll be doing a full write-up on Coinbase in this week's newsletter - sign up below so you won't miss it:https://frontmonth.substack.com/ 

          1 reply 0 retweets 7 likes
          Show this thread
          3. End of conversation

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