Cryptocurrency Liquidity from the Trade Desk Perspective

Jason Leibowitz, Co-Founder and CEO of LeboBTC Ledger Group (LLG), welcomes Michael Paleokrassas, Managing Director and Head of Sales and Trading at Genesis Global Trading, to discuss cryptocurrency liquidity, trading practices, funding rates, and crypto mining. Initially operating as a fixed income agency-only trading desk, Paleokrassas and his team saw an opportunity to use their skillset in matching buyers with sellers in specific assets that had never traded before and educate clients on the product. For the Genesis team in 2013, that new product would become crypto assets—or specifically, Bitcoin. Paleokrassas and Leibowitz discuss the challenges of investing in crypto in its early days as well as how that led Paleokrassas to launch one of the first broker-dealers to operate as a cryptocurrency trading desk. Filmed May 19, 2021. Key Learnings: Paleokrassas believes that volatility could negatively impact decisions for the creation of ETFs; however, he states the crypto markets have some of the best liquidity of any product that trades anywhere. With that, traders can easily work out huge positions with minimal market impact. He also believes that crypto’s fundamentals are still intact as long as blocks continue to be produced and that good actors in the system do not need to fear regulation. Many trading desks currently operate with a level of self- regulation—Paleokrasses believes additional regulation will not be difficult to navigate and may even generate more exposure and liquidity for the digital assets space.
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