The crypto market continues to attract former Wall Street traders, and now we know why. Nelson Minier, who is the head of OTC at cryptocurrency exchange Kraken, was featured on Nasdaq TradeTalks as a guest. Minier, who hails from the trading desks at firms such as JPMorgan and Credit Suisse, explained how the trading dynamic has shifted. For instance, Kraken’s workforce has expanded 4x from less than 200 to more than 800. There’s a reason for that.
The trend is toward “more portfolio managers coming in,” including what Minier describes as “mavericks and savvy hedge funds” entering the crypto space. Indeed, digital currency investment firm Grayscale Investments has seen its assets under management balloon to $2.5 billion, most of which originates from big investors including hedge funds.