“Bitcoin plays on hard mode.” Daniel Hinton spent years managing global liquidity relationships at SFOX, and he explains why a 24/7 global market with no clearinghouse outside the blockchain itself is so hard to keep efficient. He describes the multi-percentage-point dislocations that were routine between exchanges in 2018, why they’ve largely disappeared, and how the recent BitMEX wind-down still produced a perp market wick above $150,000 on thin liquidity. Hosts Grace Remington and Sean Hagan dig into what that means for anyone running margin or stop losses.
Chapters:
00:00 — Where the Most Sophisticated Bitcoin Capital Is Going Right Now
01:41 — Exchange Dislocations, OTC Desks, and Why Bitcoin Plays on Hard Mode
03:18 — The BitMEX Wind-Down and a Perp Wick Above $150,000
04:01 — Why Custody Is Back on the Underdeveloped List
05:30 — Building the UTXO Oracle for a Market With No Single Price
07:25 — Running Free Open Source Price Software Next to Your Node
08:21 — Sustainable Balance Sheets Versus Pure Leverage
10:20 — Hunting Dislocated Assets Across a Dozen Global Markets
12:02 — What Has to Be Built for Institutional Mandates to Allow Bitcoin
14:18 — Rounded Bottoms, the Honey Badger, and Resistance Priced in Gold
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