Podcast Summary: Unchained – Bits + Bips: The Most Dangerous Type of Asset to Trade on Weekends
Host: Laura Shin
Guest: Evgeny Goy, CEO and founder of a major crypto market maker
Date: February 1, 2026
Special Segment Host: Steve Ehrlich (Bits + Bips)
Overview
This episode explores the evolving landscape of liquidity, trading, and risk in the crypto markets. Evgeny Goy, an influential market maker, offers a candid look into how his firm adapts as the "easy altcoin era" fades, mega caps (Bitcoin, Ethereum) take center stage, and tokenized assets—such as gold, equities, and prediction markets—disrupt traditional boundaries. Highlighted throughout are the implications of trading on weekends, especially when real-world information flow outpaces market hours.
Key Discussion Points & Insights
1. Market Making in Crypto: What Does it Involve?
[02:21–04:08]
- Evgeny’s business segments:
- Prop Trading & Market Making: Operates hundreds of algorithms on major centralized exchanges (Coinbase, Binance, Kraken, Bybit).
- "If you trade on those exchanges... you are quite likely trading with us." – Evgeny [02:57]
- DeFi Liquidity: Deep involvement in major DeFi protocols (1inch, Jupiter on Solana) through liquidity provision, arbitrage, and liquidations.
- OTC Trading: Trades hundreds of assets across derivatives and spot markets.
- Prop Trading & Market Making: Operates hundreds of algorithms on major centralized exchanges (Coinbase, Binance, Kraken, Bybit).
- Edge: Their firm uniquely covers all major liquidity pools, excelling as a "one-stop shop" for crypto market-making.
2. Separation of Prop Trading & Market Making
[04:08–05:09]
- Modern market making isn’t siloed; it’s data-driven and augmented by other strategies.
- Evgeny: "Nobody does pure market making anymore... You need to run a bunch of signals that basically enhance those market making strategies." [04:29]
3. Key Findings: The 2025 OTC Report
[05:52–07:53]
- "Flight to quality": Post-2024 altcoin/memecoin blow-up, money concentrated into Bitcoin, Ethereum, Solana, and stablecoins.
- Venture-backed tokens failed retail; retail turned to risky memecoins, resulting in over-dilution and heavy losses after "1010" (October 10) crash.
- "The system was too leveraged but the liquidity was too thin… the system just couldn't handle it." – Evgeny [07:23]
4. Mega Cap Dominance, DATS/ETFs, and Post-Crash Reality
[07:53–09:41]
- Mega caps (+ some tokenized gold/equity) absorbed most liquidity after widespread losses in smaller tokens.
- Many digital asset treasuries and ETFs crashed, trading below asset value.
- Market isn’t expected to regain broad altcoin interest soon.
5. Business Shifts in New Liquidity Landscape
[09:41–10:47]
- They go where the volume is: focus increasingly on mega caps, tokenized gold, equity perps, and commodities.
- Evgeny: "Our operating model is just focus where the market interest is at current moment." [10:36]
6. Explosion of Crypto Derivatives & Options
[10:47–12:00]
- Institutional maturity rising: options allow for hedging and dampen volatility.
- "Retail will probably still stick to perpetuals… unlike in traditional finance… options to get leveraged." [11:48]
7. Geographical Differences in Derivatives Activity
[12:10–12:46]
- Asia: Primarily focused on generation yield.
- West: Investor sophistication higher; use more complex strategies.
8. Token Selection and Due Diligence
[12:46–13:48]
- Focus on tokens with expected, sustainable volume after due-diligence (avoid scams).
- "It's all about volume… If a token is not expected to trade much, we probably are not going to engage." [13:24]
9. Where Does Retail Attention Move Next?
[13:48–14:54]
- Interest shifting to tokenized commodities (gold, silver) and equity perps (Nvidia, Tesla).
- Prediction markets anticipated to surge (polymarket, Kalshi, etc.).
10. Challenges in Prediction Markets
[15:22–18:32]
- Insider information and thin liquidity make market-making risky and susceptible to manipulation.
- "If you provide a lot of liquidity, you even incentivize even more for people to actually use inside information." – Evgeny [17:50]
- No substantial liquidity provision yet; firm is "experimenting".
11. Tokenized Equities & ‘The Most Dangerous Type of Asset to Trade on Weekends’
[18:32–21:15]
- Trading tokenized equities on-chain when traditional markets are closed (e.g., weekends) exposes market makers to headline risk.
- Example: Unexpected company news (e.g., export restrictions) can’t be hedged immediately; creates arbitrage and information asymmetry.
- "You can get arbed by people who are basically doing homework better than you." [20:38]
- Evgeny warns: Weekend trading in these assets is risky!
12. Tokenized Gold: Surge, Skepticism, and Strategies
[23:23–29:41]
- Crypto holders are frustrated watching “real world” assets like gold and equities rally, while Bitcoin is range-bound.
- Gold now acts "more crypto-like" with volatile rallies, driven by retail and sovereign demand.
- Pro traders increasingly selling covered calls on gold for yield.
- "It's a pretty good... diversification engine." [29:35]
- Evgeny admits to selling some gold, reallocating to defense stocks.
13. Fed Policy, Macro Markets, and Prediction Markets
[29:57–31:40]
- Fed's pause on rate hikes seen as keeping markets "somewhat overheated."
- Growth in prediction markets is democratizing access to macro hedging and speculation.
14. Tokenized Credit and “RWAs” (Real-World Assets)
[31:40–32:48]
- Evgeny’s firm is exploring tokenized money markets as both LP and “liquidity provider of last resort” on weekends when liquidity is thin.
15. 2026 Outlook & Crypto Market Recovery Catalysts
[32:48–35:14]
- Market structure bill unlikely to pass soon; midterms loom large for market focus and volatility.
- Bear market possibly fleeting—Evgeny is “cautiously optimistic” mindshare will return before year-end.
- “…crypto is traditionally, it cannot be not interesting for too long...” [34:45]
- A recovery likely needs “mindshare” to rotate back from AI and commodities to crypto.
16. Impact if Regulatory Framework Stalls
[35:14–36:23]
- As long as the current administration’s SEC/CFTC are "friendly," risk is low—danger increases if framework is absent and new, less friendly regulators take over.
17. Agentic Protocols & Stablecoins
[36:23–37:07]
- Not a direct business impact, but agentic protocols (like Coinbase’s x402) and growing stablecoin use are closely watched.
Notable Quotes & Memorable Moments
-
On post-crash flight to quality:
“People just decided to park their money either in Stablecoin or Bitcoin or Ethereum, maybe Solana.” – Evgeny [07:40] -
On meme coins and retail losses:
“It just became very much unsustainable… Both retail and a bunch of liquid funds as well just lost a lot of money…” [07:08] -
On dangers of weekend trading in tokenized equities:
“You can get arbed by people who are basically doing homework better than you.” – [20:38]
“I wouldn't expect there to be a lot of liquidity during the weekend in those tickers for quite some time.” – [21:15] -
On providing liquidity to thin or [possibly rigged] markets:
“If you provide a lot of liquidity, you even incentivize even more for people to actually use inside information.” – [17:50] -
On the pain of watching ‘real’ assets rally while crypto is stuck:
“It's really challenging to be like in crypto and see this massive equity rally, massive gold rally...crypto didn't change at all and...it's kind of sad.” – [23:23]
Timestamps for Major Segments
- Introduction to guest and firm: 02:21
- Prop trading vs. market making: 04:08
- OTC 2025 report findings: 05:52
- Mega caps and post-crash: 07:53
- Derivatives and options boom: 10:47
- Geographical differences: 12:10
- Token selection philosophy: 12:46
- Where does retail attention go next?: 13:48
- Prediction markets & insider risks: 15:22
- Tokenized equities & weekend risks: 18:32
- Tokenized gold and pro strategies: 23:23
- Macro (Fed policy, market structure): 29:57
- Outlook for 2026: 32:48
Final Thoughts
Evgeny closes with a look to the coming year:
- Market conditions are likely to favor the bold, with volatility (not range-bound assets) rewarding active traders and market makers.
- The pace of “real-world asset” tokenization and advances in prediction/derivative markets is expected to accelerate.
- Regulatory uncertainty looms, but internal optimism remains that crypto will soon recapture global investor attention.
Evgeny:
“I do expect to see similarly fun years this year, which is great for market makers and it's great for traders who are not afraid to take positions. But it might be quite stressful for people who just like. Like to buy and hold.” [37:13]
For More:
- Visit Unchained’s podcast page
- Dive into crypto market structure, OTC reports, tokenized assets, and the shifting nature of market making for continued updates