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The prevailing narrative re the FTX/Alameda relationship is that it has a blurry ethical boundary bc Alameda probably takes the other side of most retail trades & has an information advantage. Doesn't this chart challenge that theory? They only execute ~5% of volume as of June.pic.twitter.com/CF3S3o4BBg
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it seems like they literally made a ceiling for themselves at exactly 50% of total volume
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Unless this is double counted bilateral flow, in which case they were the counterparty to almost every single transaction when they first launched.
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50% is the max, right? (Otherwise you go blind, as mom warned. And wash sale probs -- even worse.)
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Slightly different question: why did Alameda's volume fall off a cliff in 2020?
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Who audits the volume?
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I’m sure FTX hired well known firms like EY or Deloitte
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Interesting. Also Alameda are investors in others MM funds that makes quite big volume on FTX like Folkvang.
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