Head of Derivatives, Genesis Trading. Formerly at Galaxy, Circle. Previous life: equity exotics, systematic cash trading GS, UBS

Joined April 2012
FED'S POWELL: WHY HAVEN'T YOU SOLD YOUR CRYPTO YET, ARE YOU DENSE
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Joshua Lim retweeted
Over the last week, our clients looked to Genesis to help them execute billions of dollars in crypto transactions, and we responded. Find out more. link.genesistrading.com/3wpX…
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1/ what's next for crypto mkts: contagion risk edition today’s relief rally across risk assets saw equities regain the 4k level in S&P 500 VIX is showing a risk barometer reading of 29, down as much as 6 points from last wk, when SPX was 3% higher!
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2/ we're seeing a somewhat orderly equity de-risking last 2 weeks and plenty of cash on sidelines waiting for liquidation to abate crypto of course saw a lot more chaos with structural issues in the market and fear of contagion
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3/ billions of USD of wealth were wiped out. peg assumptions of all varieties, from USDT/USD to stETH/ETH, were in play
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4/ in crypto-native institutional world, we think the damage is concentrated in venture books with low cost bases venture books have given up a lot of unrealized gains but this alone is unlikely to cause contagion
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5/ some directional players are down, but we've seen them take their lumps by liquidating BTC -17%, ETH -24%, SOL -38%, AVAX -42% to raise collateral
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6/ one indicator that contagion fears are dissipating is how dramatically the vol curve reverted, with the front collapsing 20-30v on the day and the back dropping 5-10v
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7/ the USDT peg has come back strong, now trading within 20bps of parity, after blowing out as wide as 13% on the Binance cross mkt was very concerned about de-peg risk coming out of UST collapse and the flow of funds went UST > USDT > USDC which pressured the USDT peg
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8/ fears have abated with reports of billions USD in redemptions being processed normally via the Tether window if macro risk assets stabilize here, and the crypto mkt regains confidence in the USDT peg, we could see crypto rip higher into thin offers
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9/ on the flip side, downside risk from DeFi liquidation levels remain If the de-risking continues over the weekend and ETH flirts with liquidation levels around $1500, things could get March2020-esque quickly (h/t Nico)
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10/ a good trade could be the 20-May ETH $2000 / $1600 1x3 put spread (you sell ATM, buy tail puts). You collect $31 to buy some crash protection
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interesting to see ETH/BTC-ratio realized vol near all-time lows as correlations approach 1
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Joshua Lim retweeted
Institutional Infrastructure panel ft my friends @joshua_j_lim & @VidiellaLaura at @MITBitcoinClub ! 💪😎🪙
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1/ The LFG has acquired an additional 37,863 Bitcoins totaling ~$1.5 billion in OTC swaps with @GenesisTrading and 3AC.
Luna Foundation Guard bolsters stablecoin reserve by raising $1.5 billion in bitcoin cnb.cx/39u26We
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Joshua Lim retweeted
.@joshua_j_lim in Matt Levine “Bitcoin miners are some of the most voracious yield seekers in the market today”
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Joshua Lim retweeted
Instead of selling Bitcoin to raise money, firms like Marathon Digital are selling Bitcoin call options to wring money out of their holdings trib.al/NjnGb4n
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Joshua Lim retweeted
“Bitcoin miners are some of the most voracious yield seekers in the market today,” said @joshua_j_lim, Head of Derivatives at New York-based brokerage Genesis Global Trading.
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Joshua Lim retweeted
Our Q1 Market Observations Report is out! Against a backdrop of a crypto market weighed down by macroeconomic concerns, Genesis achieved notable growth. For a breakdown of our lending, derivatives, spot and custody activities across Q1 2022, click here: link.genesistrading.com/38y3…
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