The Tetherization of trading

The crypto market structure has matured drastically in the last three years and this has led to several changes in the old dynamic.

This shift was explained well by Arun Balaji of Paradigm and Sam Bankman-Fried of FTX but ultimately comes down to (I.) the growth of derivatives (futures and options) vs. just spot, (II.) cheaper and much more available credit, (III.) digitization of OTC desks leading to compression of spreads, and (IV.) shift from denominating trading pairs from Bitcoin to Tether.