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I think this is part of the story! But another part: there were 20 desks with identical services. Eventually customers tried all and not just the first one they found, and so the ones with worse pricing/service/etc. lost their customers and died off. twitter.com/IamNomad/statu

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SBF

@SBF_FTX

Dec 29, 2019

Also spreads were ridiculously wide OTC in 2017-2018. 2019 brought spreads in through competition and decreased total industry profit (by saving customers money).

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and

what is y estimate on how much volume in BTC is traded off-exchange / OTC vs exchange ratiowise?

SBF

@SBF_FTX

Replying to

@gutsareon

Meh I'd guess roughly: $500m/day OTC $3b/day spot exchange $6b/day futures exchange but super uncertain about the OTC number! There could be large volume we never see.

10:03 AM · Dec 29, 2019Twitter Web App

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