After watching enough flow move through Genius Terminal, it becomes obvious that experienced users don't view the public book as a neutral playing field.
They view it as a source of information leakage. Every visible interaction can reveal intent, attract competing flow, or give searchers additional context about what is being built. The challenge isn't just finding liquidity. It's accessing liquidity without broadcasting the full objective to the market.
That's why routing behavior becomes so important. Traders increasingly optimize for execution paths that minimize visibility while preserving execution quality.
The result is a different mindset entirely. The public book becomes terrain to navigate carefully, not the arena where the real edge is created.