This is worth unpacking a bit. First of all, what do I mean by “trading”? For the purposes of this discussion, “trading” involves the buying and selling of crypto assets and related derivatives on a short time horizon with a view to making a profit. I also have in mind individuals and institutions who explicitly are there to make a profit based on their decisions, rather than market makers who trade based on client moves and who provide a necessary market infrastructure function. Of course, this is a simplification, but it helps to differentiate “trading” from longer-term “investing.”
