319 · Sam Gaer - From the Copper Pits to Crypto Derivatives: How Trading Edge Evolves

Sam Gaer, running the directional strategy at Monarch Asset Management, discusses his career evolution from the COMEX floor to crypto derivatives, highlighting the shifts in trading edge and market structure. Gaer recounts his early days trading copper, using self-taught programming skills to identify market inefficiencies, and later selling trading software to the New York Mercantile Exchange. Transitioning to crypto, he emphasizes the convexity in options and the opportunities arising from institutional capital entering the space. Gaer addresses the recent crypto market downturn, attributing it to deleveraging events, regulatory uncertainty, and orthogonal events impacting investor sentiment. Despite current challenges, he remains optimistic about Bitcoin's future, citing strong institutional alignment and potential for tokenization to drive further growth.