Automated market makers manage liquidity pools like rule-based portfolios, with direct consequences for impermanent loss and hedging.
Author: Dr. Marcus Wunsch
Dr. Marcus Wunsch
Dr. Marcus Wunsch is a lecturer at the Institute for Wealth and Asset Management at the ZHAW School of Management and Law and heads the CAS in Blockchain & Decentralised Finance. His research focuses on the intersection of decentralised finance, financial mathematics and quantitative investment strategies. Previously, he worked as Head of Risk Management at Quantica Capital and as a risk specialist at UBS.
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Automated market makers manage liquidity pools like rule-based portfolios, with direct consequences for impermanent loss and hedging.
Bitcoin in 2026 trades around USD 84,000, while US spot ETFs hold about USD 102 to 104 billion and listed companies 1.27 to 1.29 million BTC.
