The Tetherization of trading

Quick Take

  • In recent years, there has been a shift on spot exchanges from denominating trading pairs in Bitcoin to denominating in Tether
  • We are now in the midst of the same shift on the derivatives exchanges as BitMEX’s market share continues to dwindle
  • A lot of this year’s growth in Tether has been driven by the market structure changes rather than the DeFi boom
The crypto market structure has matured drastically in the last three years and this has led to several changes in the old dynamic. This shift was explained well by Arun Balaji of Paradigm and Sam Bankman-Fried of FTX but ultimately comes down to (I.) the growth of derivatives (futures and options) vs. just spot, (II.) […]

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