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“There has been an uptick in activity, primary listings are going parabolic, and the initial listing multiples on price discovery are three times higher than where they were a year ago,” he said. “Volumes are up more than 150% from last year. Price discovery used to last for a day and a half – now it's six days long. So the metrics are green.”
He said this has had a “trickle-down” effect that has also helped boost the prices of altcoins, and which shows no signs of slowing. This is especially true when considering that there aren’t enough Bitcoins for every millionaire on the planet to own one Bitcoin, he noted. “These large institutions are very slow-moving vehicles,” he said. “When you think banks, mutual funds, and pension funds, those are like huge animals that are super slow to move. And it takes time to train their teams internally to offer those products to their clients and for clients to become accustomed to those products. So we haven’t seen all the potential that ETFs hold yet.”
Delta hedging involves the recipients of options hedging the value of those options as a form of protection. “The strategy involves selling as the price goes up for a call option, and buying as the price goes down. If you think about this from a liquidity standpoint, it’s going to further increase the volatility,” he said.
When asked what could be the source of the next downfall, Benayoun said there are two kinds of mindsets when it comes to crypto, and Bitcoin more specifically. “Two cycles ago the ATH didn’t get hit for several months out, and last cycle it took six months after the halving to hit a new high,” he said. “Now, we’ve hit a new high ahead of the halving, which is unprecedented.”
“Having these competing mechanisms is something that we’ve never seen before, so it’s interesting to see what’s going to happen here,” Benayoun said. “Overall, I think the halving is very positive news for Bitcoin and for the rest of the industry.” “This is a segment of the market that has been vastly misunderstood by the industry, especially prior to 2017,” he said. “There was a lot of manipulation going on by so-called market makers, and there were a lot of predatory practices. There were some pretty big named market makers out there that had established certain predatory models, and that got the community concerned.”
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