As a former high-frequency (HF) equity derivatives trader, I'm skeptical of HF cryptocurrency trading. There's a reason few modern markets have HF trading, an activity which could be described as vacuuming up nickels in front of bulldozers. HF needs a stable, predictable environment to make the nickels worth collecting.

Risk management in HF is less about predicting what might go down than avoiding trading when liquidity dries up. This is why when markets get weird HF algos pull out: an unexpected one-minute trading stall can wipe out a quarter's profits.

In crypto, where the market is still learning lessons from the 1930s, the nickels are quarters but the bulldozers are tanks.