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Crypto exchanges have order books just like the NYSE, but the digital asset realm also offers something very different known as automated market makers (AMMs). Source
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If BITO were to trade well above fair value during a hot trading day – say, the day of a long-anticipated premiere for an SEC-regulated bitcoin ETF – an AP could sell shares of the ETF “naked,” effectively short without borrowing (the minimum size the AP can create is 10,000
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