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by lend000 1308 days ago
This doesn't make much sense to me. I think the problem is that arbitrage just dried up (as it does in a maturing market), and SBF got high on his own farts and started making directional bets. This is clear from the amount of FTT tokens that were held by Alameda in comparison to the amount of assets a typical market maker would hold relative to a pair's liquidity.
1 comments

Yes I think this is more likely to be correct. And Alameda started making directional bets back in 2020 at least: https://twitter.com/AlamedaTrabucco/status/13851809411867893...