Emilio Barucci - A deep dive into crypto-markets: we cannot compare oranges with apples

We analyze markets for cryptoassets (cryptocurrencies and stablecoins), investigating market impact and efficiency through the lens of the market order flow. We provide evidence that markets where cryptoassets are exchanged between them play a central role on price formation (aggregating preference/technology shocks and heterogeneous opinions) and are more efficient than markets where cryptocurrencies are exchanged with the US dollar.