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Ex-FX & metals trader @ UBS

[Z @0xSait]

@KyleSamani

[Z @0xSait]

@Cbb0fe Try the Kantonal or private banks. UBS is not very favorable to crypto

[Z @0xSait]

@k0k1eth 0 FX fees aka no additional fees but spreads so wide a bus can fit in between

[Z @0xSait]

@zerokn0wledge_ Halo!

[Z @0xSait]

@CRUDEOIL231 At least your feed isn’t full of crypto folks blaming Jane street for their own poor trading decisions… time to start following who you’re following.

[Z @0xSait]

@Kacper_PK_CH Their also historically known at under estimating demand growth over the years especially from EM countries

[Z @0xSait]

@aleabitoreddit Why ALM over EQR ? Feel the latter has higher torque

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@regyperlera You don’t need an app or the calculator. You can do this directly in spotlight search

[Z @0xSait]

When retail think they can outcompete HFTs

[Polymarket @Polymarket]

BREAKING: It has been revealed Venezuelan Defense Minister, Vladimir Padrino, used publicly available FlightRadar to track U.S. forces in the region.

It is unclear if they realized the U.S. could simply turn off transponders like they did last night to capture Maduro.

[Z @0xSait]

@DanJablonski @yrschrade @rajgokal @mert Why hide the lap times ?

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@Globalflows I remind my self of this fact everytime I unlock my phone :)

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@mrofwallstreet Agreed I mentioned this in my latest insight: https://t.co/hFy3A1cqU0

[Z @0xSait]

One thing to keep an eye on while everyone focuses on the US Dec Fed cut is Japan🇯🇵

Following a negative GDP print last week, USDJPY is approaching the 160 level which the BoJ has strongly defended (we used to see this flow live on the trading floor through interbank markets on EBS).

The new Japanese PM is also pushing a $135bn stimulus package to help drag the economy out.

Now what does this mean:
— Normally a stimi package = + for risk assets.

In this case, fiscal easing is being deployed into an environment of elevated inflation & a weak JPY. This has pushed Japanese bond yields higher as the market prices in a more hawkish BoJ & greater fiscal risk.

What about asset prices?

Short term; lower, if the JPY carry trade properly starts to unwind.

This is where institutions borrow in JPY (low interest rates), sell into USD and buy US treasuries, equities and even crypto.

If JPY appreciates through FX intervention or the odds of further hikes increases, it will cause a cascade of risk selling in order to repay funding.

Now why did USDJPY and risk on assets sell off during last weeks Thursday & Friday sessions?

imo institutions are front running the 160 intervention level on USDJPY, cutting risk (which is why we saw sell pressure on SPX and crypto too) and buying back JPY.

The last time the JPY carry unfolded was July/Aug 2024 after intervention + a hike. BTC dropped 23% from 65k to 49k , SPX dropped ~9% while USDJPY went from 160 -> ~140.

PS: institutions play crypto mainly through ETFs + CME futures, or selectively via Coinbase Prime OTC desk. All 3 have seen heavy outflows lately.

[Z @0xSait]

I don’t know if this is concerning or impressive in a weird dystopian way

[Pentagon Pizza Watch @pizzintwatch]

POLYGLOBE JUST GOT ANOTHER MASSIVE UPGRADE 🌐

DeepStateLive’s Ukraine war map is now draped directly onto the globe, live and synced with @Polymarket .

Shaded control zones, shifting frontlines, Russian/Belarusian unit icons and direction of attack arrows all sitting under your markets and OSINT in near real time.

These Ukraine geo markets confuse people constantly. is it the city limits, the oblast, “enter” vs “capture all of”?

Now, when you hover a market, we draw the exact area of operation it resolves on and spell out the rule in plain English.

No more rule debates, no more guessing what actually settles.

The only way to monitor the situation.

[Z @0xSait]

@OG_TINBARON As someone new to the world of Tin, any recommendations on sources to read up on to understand market supply / demand dynamics ?

[Z @0xSait]

@samcallah It’s in order to help tether scale their new XAUT gold backed token. They recently hired 2 senior physical metal traders from HSBC to better navigate risk management and storage.

https://t.co/HsWIr4Gk66

[Z @0xSait]

@quantszn @annanay @AndreasAvgerin1 I disagree tbh, HFT’s have been slowly moving away from RFQ streaming (only 1 large UK based fund I can think of still do it). It leaks information to every LP and some are known to be using that to their advantage pre quoting

[Z @0xSait]

@ryohhno @pk79z The feds fund rate is 4% currently to borrow so you’re effectively paying a 7% premium to hold long on HL

[Z @0xSait]

@annanay Agreed majority of the HFT flow has moved to ECNs now (Hotspot, Integral/ Fastmatch etc) or as mentioned for tier 1 LPs bilaterally. Some ECNs have actually become quite important price generation sources for scarcely traded illiquid FX pairs (24x)

[Z @0xSait]

@ScottPh77711570 As someone who spent years on the other side working on a major fx trading desk I couldn’t agree more. The type of information + speed of information we had access to is simply unattainable by any other participant. Even high freq shops despite having better tech couldn’t compete