Crypto Market Maker B2C2 Upgrades its Profile
There was one fascinating set of details that didn't quite fit into last week's Q2 2022 update review of Robinhood relating to crypto wholesale market makers. Alphacution shares those details here...
SIG Joins The Congregation
Are we having an impact? No one's talking. But, the data speaks anyway...
Ranking Robinhood’s Wholesale Market Makers
Alphacution's analysis and modeling of Robinhood's latest financial disclosures leads to a ranking of its wholesale market makers, along with a couple important side bars...
The Crypto Train: Citadel Securities Succumbs to FOMO
A first-of-its-kind outside investment from Silicon Valley venture heavyweights into Citadel Securities is a significant event, particularly for possible future competitors in crypto markets. But, the transaction itself didn't need to be exposed. So, why was it? Was this news or strategic communications? Alphacution weighs in...
Optiver Weighs In…
First HRT. Then Jump. Now, Optiver joins the chorus representing a collective "squeal" by a subset of secretive prop firms attempting to influence changes to US equity and options market structure...
Crypto Wholesaling Takes Center Stage
Alphacution has written recently about the emerging evidence of "crypto PFOF." Based on Robinhood's latest earnings and other regulatory data, Alphacution takes that recent analysis a step further to illustrate the emerging significance of wholesale market making in cryptocurrencies and the players behind it...
Jump Trading to Regulators: Lit Markets Are Too Toxic For Us (UPDATED)
Alphacution provides an analysis of Jump Trading's recent announcement - via WSJ - that it intends to enter the equity wholesaling arena...
HOOD-lashed! Crypto PFOF is Here…
Like the Lock Ness monster and Big Foot, Alphacution has found evidence of crypto PFOF...
A Brawl Breaks Out in the Futures Market – Part 2
"You can't connect the dots looking forward, you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future." - Steve Jobs It's truly amazing what we find deep down in the weeds... The solution to any puzzle starts with the pieces that are easiest to fit into place. Translation: Solutions can start most easily where the most granular data is readily available and easiest to interpret. In this case, and though not (yet) flowing smoothly from a firehose, that means regulatory disclosures based on long positions reported by various trading and asset management firms that correspond with the quarterly-updated 13F securities list managed by the Securities and Exchanges Commission (SEC). At Alphacution, the core mission is to solve, and keep re-solving, a very large puzzle made up of many other smaller puzzles which, themselves, may contain even smaller, more detailed puzzles... Think of this like the claim made by the Kirk Lazarus character in the movie, Tropic Thunder - [...]
DRW, Jump: A Brawl Breaks Out in the Futures Market
“All profound distraction opens certain doors. You have to allow yourself to be distracted when you are unable to concentrate.” - Julio Cortázar Sometimes we are working one research project, get a call and then need to go chase a squirrel that is part of a different research project. This is one of those squirrels... And as such, it's a chart that causes a reaction - but, we're not ready to say precisely what our reaction is (title and title image to this post notwithstanding), nor what that might mean. So - like many teasers - we're going to drop it here for now, and then follow up later, except for this: Significant growth in assets is not necessarily indicative of a corresponding increase in profitability, but there may be advantages as a result of scale. Let's see if we can make a stronger case, one way or another, and then come back with that... BTW, the dotted lines signify missing reports...
