In just a little over two weeks, October 31st will mark the 13th anniversary of the release of the Bitcoin white paper in 2008. Although the crypto market is still in its relative youth, crypto market structure is rapidly evolving and developing each day. As new institutional participants evaluate and enter the space it’s becoming increasingly important to measure the maturity of the emerging asset class. There are multiple ways to do this but one approach is analyzing crypto market microstructure (i.e., how crypto assets are traded). One desirable feature of both crypto and traditional financial assets is deep ... (full story)