Tom Smith

@junkbondanalyst How would a trading desk hedge such exposure?

Credit investors are looking for ways to short loans, which historically could only be done by trading desks, delaying settlement, or bespoke instruments. Goldman is now telling clients, who are eager to short loans, that its product to do so (via TRS) is not ready.

@Jbooty88 Good clean hits. What you seeing out there?

@CanesFamNews Can’t DM, follow back please

4 Tix together for sale in section 114, row 34. Will sell to canes fans only. DM best offer.

@Jazerbeam The committee is slow playing Miami’s rise in the rankings to buy themselves time before they have to make the tough decisions. A lot can change from 7-15 until the final bracket, so no reason to create headaches from the likes of ND, Bama, Utah, etc. if they don’t need to yet

"Ya but if Miami loses and chokes again..." then drop us into oblivion if we lose and you wont hear another word from us. Thats not how this is supposed to work

@GoldmanFachs @123skely Same what’s your name

Some deep lore the youngn’s miss out on.

@PGATUOR Hit em up drinks2g.com

Revolutionary 💯 Every course needs this machine.

@szn2z Rug

@metaversejoji $OMNOM

buying the most commented meme coin soon

@MoonOverlord $OMNOM

shill me the next 100x what memecoins we buying today im hunting for lowcaps I dont do this often DROP THOSE TICKERS lets get this bread

@CoinGurruu $OMNOM?

Recap on my recent coin shills: $ZKML 20x $NMT 15x $AIT 5x $SMRT 5x $TAS 4x $ORDS 4x $TPAD 3x $MIA 3x $CHAT 2.5x $TBANK 2x #OPTIMUS 2x $TREST 2x #AEGIS B.E $SYNC 8x then 0 $DNODE 5x now B.E Base coins: B.E $P404 - Dead Overall decent- mostly utility coins less memecoins Rarely shill stuff under 1m mcap- most of this stuff is 5-10m+ so not getting those "insane" multiples Just getting started

@LeftsideEmiri What do you mean no more points thing? I thought they were continuing to release points and incentivizing dapp usage via multipliers

@CaitlinLong_ @1Nobody222 @AP_Abacus @BlackRock @Fidelity What is this “OTC” I hear folks speak of?

@1Nobody222 @AP_Abacus @BlackRock @Fidelity Only ~40 #BTC available for sale at any price at one point on Wednesday, I was told by a credible source…

A quick note: echoing @CaitlinLong_ here. OTC desks are nearly dried up. Very little #Bitcoin available thats easily accessible to meet demand. @BlackRock and @Fidelity are moving size in ways crypto has never seen before.

@qthomp @biancoresearch Jim also ignores the fact that BLK and others are squeezing the custodians & OTC desks on fees - everyone wants this biz and prices aggressively for it, accelerating margin compression in the industry. For BTC at least

.@biancoresearch Why are you such a hater on the ETF?? Zoom out. Asking "what is BlackRock's long game???" is like asking what Amazon's long game was by offering free shipping. We're talking about the biggest innovation in financial services history. Implying BlackRock's low fee BTC ETF is the reason for its share price underperformance over a one month period is nonsensical. It is a drop in the pan for assets, revenue and costs for their business. But all of these points completely miss the forest for the trees. This is like fading Meta because they got into AI or hating on Berkshire Hathaway because they got into Apple. Give it a break.

@0xsammy @0xCygaar @ethena Pretty sure this is wrong? They’re simply shorting ETH perps to delta hedge the long stETH position, and earning funding from doing so (while funding is positive). No LPing and no IL

@0xCygaar @ethena ROI for providing liquidity on Perps Tend to be more volatile than your typical spot LP, hence the higher yield to compensate More risk of impermanent loss, but there’s also considerations with market sentiment and shifting funding rates

Can someone explain to me how @ethena is able to generate 27% yield in simple to understand terms? Don't say delta neutral hedged position with positive funding rate because I don't know what means 😭.

It's time to BLAST OFF @BLAST_L2 is the L2 with native yield backed by @Paradigm and @StandardCrypto Join Blast Early Access to start earning yield + Blast Points, redeemable in May

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@QwQiao Silly lil guy

@intangiblecoins What kind of instis are actually trading this tho? Do u think it’s futures ETF managers or macro funds who don’t want to touch spot?

this is a sign of growing institutional/traditional interest in $BTC

@in_theta @RyanLeeCrypto @DeribitExchange What does this mean in English

@RyanLeeCrypto @DeribitExchange Because the theta curve is no where near selling point, you’d be bag holding with collateral tied up for a year

You know bullszn is coming when there's market for 100K+ Call strikes on @DeribitExchange What's stopping you from selling those? Lmk

@weskpga @INArteCarloDoss Can u explain this more clearly? Are you saying short 10y futs is positive carry vs. a levered cash position given the funding cost associated with the latter? And then his 4% downside scenario is ignoring the opportunity cost of holding 1y bills?

@INArteCarloDoss Not sure I 100% agree. If you sell 10y futures you get inherent cost of leverage built into the contract which makes short 10s a positive carry position. Also you get paid 5%+ in 1y bills so that's your opportunity cost, not 0%

Let me just make one thing clear. The bond doomists, waging all sorts of fear mongering from term premium to supply to bear steepening, are clearly not traders. Let me explain. When you enter a trade, you always have a plan. A stop-loss, an expected R/R and a profit target if everything goes to plan. Let’s say you buy cash US 10s today. 4.3% rounded. You buy it on the premise of growth data weakening going forward while core inflation dynamics are anchored (this is what’s actually happening). You think it’s late cycle, so odds of recession are high and good old Fed likely to shave FFR to 2.75% while YC likely to steepen back to flat. Say the 2s trade at 2.5% and 10s somewhere there. Then you stand to make 20% total return in a year. Not bad. Especially that in this scenario, everything else would have gone down the fucking drain. Now assume you are totally wrong and all the supply, the Term Premium, the bear steepening, the whole doom shit act happens. Fine. Current real 10s are at 2%. Say they go to 3% on like-for-like infla swaps, you’re already in unchartered territory (meaning this is a a tiny percentile of all observed multi-decade data). So 10s go to 5.3%, you fucked-up big homie. Ok. In the case you are totally wrong, you stand to lose 4% in total return. Yep, just 4% over 1 year. So your R/R on the trade is 1 to 5 You have to be either an absolute moron, or not understand bond maths to not take the trade. Why is that? Because as rates increase your modified duration decreases and your R/R going long said bond becomes much more interesting. The 10s currently have a modified duration of 8.1%, meaning bond goes down in price by 8% for a 1% move up in rates., and you still get the coupon of course. But who needs bond math when shilling subscriptions, eh?