Transcript (en)

Yeah, I think one, like, obviously, as more as more, I'll call like legitimate venues have come up, like there's obviously just a lot more liquidity in the system. So gaps get filled way quicker. So if you think of like, this is like a very mechanistic price, kind of observation that was that was very prevalent in like 2020 and 2021. mostly attributable time to like Alameda in three arrows. There would always be like throughout the cycle, very, very violent flash crash liquidations, like not dissimilar to 10, 10, but like way more frequently. Like I'm sure everyone can remember this, the tweet from Sam, I forget his last name, not SPF, but the other guy, Tributo at Alameda, like of how much money they could make on these liquidations because price just like basically always reflexively would retrace like 60, 70% within a couple of minutes. And you could just like consistently make money on those types of trades. I think as there's more professional liquidity in the market from both the TradFi sense and like more crypto market makers are just much more established, stuff like that just like doesn't really happen anymore. And I think like your point and click trader, like picking up on those types of things, like it's not a game that's really interesting to play anymore. It's kind of just been armed out completely by the systematic guys. So that's like a primary example. Like the markets themselves have just gotten way more efficient. Like it's much harder to do sex to sex arbitrage and different sex arbitrages now. When in the past, that was like an easier trade that you could put on with like a fairly high sharp. Is the next.