# Сопутствующие статьи по теме Pricing

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Pricing", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

Deciphering Messari's 100,000-Word Annual Report (Part 2): ETH Underperforms BTC—Marginalization or Pricing Dilemma?

Analysis of Messari's 2025 Annual Report: Why ETH Underperformed BTC ETH's underperformance against BTC in 2025 is not a sign of its marginalization but rather a reflection of its complex and evolving pricing logic. While BTC thrives on a singular narrative as a macro hedge and institutional asset, ETH serves multiple roles: a decentralized settlement layer, DeFi infrastructure, and a production network with ongoing upgrades. Key data shows Ethereum's usage grew significantly in stablecoins, RWA, and institutional settlements, often occurring on L2s rather than L1. This shift reduced direct fee revenue for ETH, weakening its value capture despite increased network utility. Competition from chains like Solana and Hyperliquid further pressured L1 fee income, but Ethereum remained the dominant settlement layer for high-value, institutional-grade activity. ETH's asset narrative remains tied to BTC's macro momentum. While ETH ETF flows eventually improved, its monetary premium is still derivative of BTC's consensus. The core issue is structural: Ethereum is becoming essential global financial infrastructure, but ETH's value relies more on abstract security premiums and macro risk sentiment than direct cash flows. In conclusion, ETH is not being replaced. It operates as the financial operating system built atop BTC's monetary anchor—critically important, yet not yet independently priced.

marsbit12/29 07:02

Deciphering Messari's 100,000-Word Annual Report (Part 2): ETH Underperforms BTC—Marginalization or Pricing Dilemma?

marsbit12/29 07:02

The Advancing MM 1: Market Maker Inventory Quoting System

The article "Advancing MM 1: Market Maker Inventory Quoting System" explains why retail traders often experience price movements against their positions after buying altcoins. It argues this is not due to market manipulation but is a result of automated market maker (MM) systems responding to inventory risk and toxic order flow. When traders place large buy orders, MMs sell inventory, creating a short exposure. To mitigate this risk, MMs adjust their pricing using the Avellaneda-Stoikov model. They skew quotes lower to attract sellers and widen spreads to reduce transaction probability, aiming to return inventory to a balanced state while protecting against adverse selection. The reservation price, central to this model, is calculated as the mid-price adjusted by inventory levels and risk aversion. The article notes that retail traders are particularly affected because their orders are often large, concentrated, and not hedged—especially in low-liquidity altcoins. A suggested strategy for traders is to break large orders into smaller, less detectable increments, allowing them to buy at progressively better prices as the MM’s quoting system reacts. The post teasers follow-up articles on order book dynamics and toxic flow.

marsbit12/28 04:18

The Advancing MM 1: Market Maker Inventory Quoting System

marsbit12/28 04:18

活动图片

Популярные категорииright-arrow

Популярные тегиright-arrow

Indepth Research

Project Updates