Raoul Pal: The Journey Man “This Time IS Different for Crypto”
39 snips
Mar 19, 2026 Tejas Nalval, Founder & CIO of Parataxis Capital, former Goldman trader focusing on market microstructure and systematic trading. Ed Chin, Founder & CEO of Parataxis Capital, ex‑investment banker building institutional crypto products. They explore ETF-driven flows and hedging, liquidity shocks and market fragility, regulatory clarity and new institutional wrappers, and how AI agents could massively expand crypto’s addressable market.
AI Snips
Chapters
Transcript
Episode notes
Parataxis Origin And Early Opportunistic Moves
- Ed Chin described Parataxis launching during Covid after seeing 2020 liquidations and using opportunistic capital deployment.
- They started multi-strat, spun thesis-driven funds, built a private mining business, and bought miners at distressed prices post-2021 bankruptcies.
ETF Flows Can Force Market-Maker Selling
- Tejas explained ETF market-makers face regulatory capital and haircut rules that make holding large BTC exposures costly, forcing them to sell into the open market when flows are one-way.
- He linked NAV VWAP mechanics and low-volume days to potential end-of-day price moves and program-like dislocations.
What Really Happened On 10/10 Liquidity Shock
- Raoul Pal recounted 10/10 liquidity breakdown where Binance APIs failed, stop losses cascaded and lots of sell orders found no buyers, forcing large parties to backstop inventory.
- Ed and Tejas agreed someone likely got stuck with huge illiquid inventory and spent months unwinding it.