Competition may be coming to crypto ETP market-making

Flow Traders makes markets in every European cryptocurrency ETP. Banks want in on the action

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Michael Lie does not have laser eyes. He does not post on social media about bitcoin going to $100,000 and he has never denounced regulators as “stupid” for stopping retail investors from buying cryptocurrency funds.

Lie is far more important to the development of cryptocurrencies than that. He is possibly the biggest trader of digital assets in Europe. The quiet thirtysomething runs the digital assets desk at Flow Traders, one of the first mainstream finance firms to make the jump into trading

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