Masters Of The Obvious
Let’s face it we spend a lot of time in Bitcarnage discussing child-men trying to be adults. However crypto isn’t a grown up world, and hence everybody loves a good dose of wild sensationalism which is then a bandwagon jumped on by either those of a childish demeanour or those who don’t understand much. To wit, lots of folks got wildly lathered up by a story we didn’t even deem worth mentioning when it was published as an exchange bulletin in late July. Bakkt are essentially out of the BTC futures game, perhaps not unrelated to a paucity of volume, a complete lack of institutional investors and indeed it doesn’t help that in the absence of risk transfer, the arb game is perhaps a bit of a stitch up where the underlying market is, at best a volume hype of dubious magnitude. Anyway the issue re-emerged yesterday because FOW opted to make a big thing of it, probably because it was a European bank holiday and there was nothing else to write about. Others who know no better tried to help the story along without considering the macro… Or the fact that we put the whole thing to bed with Chris Edmonds excellent Op-Ed: The Failed Promise Of Unregulated Crypto who tartly posited the truth which the kiddies seek not to acknowledge: institutional crypto business has been sighted in the wild less often than the Loch Ness monster. (See also: Bakkt End Of BTC Futures July 28, 2023).
The source to get FOW to report what they had not in late July was a new ICE House podcast which dropped where the simply incapable Rostin Behnam offered a masterclass in trend following of liberal thought and no indication whatsoever that he really is leading a US regulatory body. Unapologetic for his juvenile fanboy nonsense towards SBF and FTX’s attempts to destroy market integrity, RB muddled through in a pleasant but abjectly unconvincing performance.
In a story which is actually news but also totally obvious to anybody with plural brain cells,
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