The exchange is a fee business wearing a volatility costume
It traded at 199.26, +1.29% today. Owning the venue is a bet on turnover, which is not the same bet as owning the asset.
On-chain flows, ETF demand, and crypto-macro cross-currents. Signal over noise.
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These are this creator’s own past results. Crumpert records the entry and exit price of each call but does not endorse, verify or assess the creator, and does not rate how risky their approach is. Opinion, not advice; not a financial promotion approved under FSMA s.21. Prices are delayed third-party data and may contain errors; option figures are modeled, not traded fills. Past performance is not a reliable indicator of future results.
It traded at 199.26, +1.29% today. Owning the venue is a bet on turnover, which is not the same bet as owning the asset.
ETH pays a native yield to those who stake it. On its own that number means little. Next to the yield on government bills, it becomes an argument.
BTC trades every hour of every day. The largest new buyers only trade when the stock market is open, and that has changed how the price moves.
Trading fees make the headlines and swing with the market. Custody and interest on customer balances are the revenue that holds up when trading goes quiet.
People describe the shares as bitcoin with extra risk. It is more accurate to say the extra risk is what the shares are for.
The premium and issuance arithmetic I track, and the level where it stops working.