Monetary Matters with Jack Farley Beating Bitcoin at Scale with Directional Crypto Strategies | Sam Gaer of Monarq Asset Management
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Dec 9, 2025 Sam Gaer, CIO of Directional Strategies at Monarq Asset Management, dives into the world of quantitative crypto trading. With a rich background as a market maker and exchange technologist, he discusses how his innovative strategies have consistently outperformed Bitcoin. Gaer emphasizes the growing institutional interest in crypto, the importance of risk management, and the evolution of trading technologies. He also shares insights on the cultural differences between crypto and traditional finance, as well as the potential for capitalizing on market volatility.
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1010 Exposed Market Fragmentation
- The October 10/11 event was a perfect storm of liquidations and evaporating orderbook liquidity across CeFi and DeFi.
- It produced big drawdowns without a single firm collapse, exposing market fragility and fragmented liquidity.
Keep Downside Protection In Place
- Always carry downside protection in portfolios; it's a necessary drag to survive tail events.
- Treat protection as insurance for weekend gaps and unexpected news.
Built A Volatility Fund From Scratch
- Sam built Katana Financial, wrote trade and risk tech himself, and became a dominant VIX market player.
- He later became an early market maker on CME crypto futures before going full-time into crypto.
