”Build or buy?” In crypto, that question just got a lot more complicated, explains Shiliang Tang, Founder & General Partner at MNNC Group, in this episode of Derivatives Decoded. Shiliang tells Ash about his journey building and selling two major trading operations in the volatile digital asset space, bringing a battle-tested perspective on institutional trading few can match.  From his early days in electronic volatility trading at traditional firms to spotting the massive arbitrage opportunities in 2017’s crypto markets, Shiliang also shares how he navigated multiple market cycles, built sophisticated voltrading operations during infrastructure gaps, and ultimately positioned Arbelos for a strategic acquisition in an increasingly competitive landscape. His insights on the ongoing consolidation wave, the tightening of alpha in derivatives, and why prime brokerage remains critically underdeveloped provide institutional listeners with actionable intelligence on market structure evolution. Topics discussed: - Why fragmentation is unsustainable in crypto markets and how the space is following traditional finance’s path toward fewer, more comprehensive service providers offering multiple business lines. - How Arbelos Markets identified Falcon X as an ideal acquisition partner based on existing infrastructure, distribution capabilities, and complementary strengths in handling derivatives operations. - A strategic approach to identifying core differentiation areas (pricing models, research, client service) to keep in-house while outsourcing commoditized functions (back office, execution, data collection). - How specialized service providers like Kemet have dramatically reduced the 0-to-1 timeline for launching trading operations compared to 2017-2020, while simultaneously increasing competition. - Why liquid markets now offer better risk-adjusted returns than venture investments, with public tokens trading at valuations comparable to early-stage private funding rounds. - Why true institutional prime brokerage remains elusive in crypto due to credit limitations, with most services now being fully collateralized following 2022’s collapses. - How traditional market forces and monetary policy now directly impact crypto markets, suggesting the four-year cycle pattern will fade as institutional participation increases. - Projections for continued market weakness through Q3-Q4 as the administration engineers a ”soft recession landing” before potential Fed rate cuts could trigger a strong crypto market recovery. Listen to more episodes:  Apple  Spotify  YouTube Website