Wintermute

???????????????????? ?????? ???????? ???? ???????????? Institutional demand propelled our OTC trading volumes to ?????????????????? in 2024, marking a defining year for crypto markets From institutional engagement? to market structure transformation, here are the key trends our OTC desk observed in 2024 ↓ ?? Get the full report: https://lnkd.in/g9MSSKjn #OTC #markets #digitalassets

Spot Bitcoin ETFs hit highest monthly outflow as Hyperliquid generates $45M revenue in February ?? Market Update – 3 March 2025 Bitcoin experienced high volatility last week, plunging 18% to $78,000 before rebounding to $94,000 following President Trump's 'Crypto Strategic Reserve' announcement. Simultaneously, Spot Bitcoin ETFs saw record outflows of $1.1B in a single day, while Hyperliquid generated $45M in February revenue. →→→ Full market update: https://lnkd.in/gtj4cksB ???????????? ?????????????????? Early week bearish sentiment was driven by ETF outflows, SOL unlock concerns, and the Bybit hack aftermath. President Trump's tariff announcements on Canadian/Mexican imports (25%) and Chinese goods (additional 10%) pushed Bitcoin to its lowest level since November 2024. ? GMCI30 fell 22%, Solana declined 26%, GMSOL dropped 23% ? Nearly $3B in leveraged long positions were liquidated ? Sunday's rebound followed Trump's announcement of a U.S. Crypto Strategic Reserve including BTC, ETH, XRP, SOL, and ADA ? Bitcoin rallied over 11%, while Solana and GMSOL recovered by 42% and 34% ???????????????????? ???????????????????????? The SEC has notably pulled back from enforcement actions: ? Coinbase lawsuit dismissal pending approval ? Closed investigations into OpenSea, Robinhood Crypto, Uniswap, and Gemini ? Marks major policy reversal under Acting Chair Mark T. Uyeda ?????????????????????????? ????????????: ????????, ??????, ?????? ?????????????? ???????????? Spot Bitcoin ETFs recorded significant activity: ? $2.5B in outflows last week, including record single-day outflow of $1.1B ? Bitcoin CME Futures basis dropped from ~22% in December to as low as 4% ? CME futures open interest fallen to $13B, lowest since October 2024 Options market saw major expirations with 58,000 BTC contracts ($4.7B) and 527,777 ETH contracts ($1.11B). March-end expiry shows bullish skew with maximum OI in $120,000 calls. ?????????????????????? ???????????? ? Generated $13.1M in fees last week, $45M for February ? Assistance fund has purchased 16M HYPE tokens at avg. price of $11.1 ? $51B in volume last week, $189B for February (6x YoY increase) ? Recently launched spot trading, integration with Unit Protocol, and HyperEVM with $650M TVL ?????????????? ???????????????? The market's dramatic reversal following Trump's announcement reveals heightened sensitivity to administrative signals. Meanwhile, the unwinding of Bitcoin ETF arbitrage strategies highlights deepening integration between traditional and crypto markets. As platforms expand offerings across trading types, practical considerations like user experience and liquidity will likely determine which solutions gain traction in this evolving landscape. ?? https://lnkd.in/gtj4cksB

We’re partnering with Anemoy to advance liquidity in tokenized markets Starting with Janus Henderson Treasury Fund (JTRSY), we’re providing institutional-grade, 24/7/365 liquidity for tokenized assets to enable instant redemptions for investors Learn more ↓

Wintermute is coming…to EthDenver! In town and will be here until Friday. Reach out if you want to talk digital asset OTC trading and all things crypto liquidity!

Bybit survives major hack as capital shifts from Solana to Sonic and BNB Chain ?? ???????????? ???????????? – ???? ???????????????? ???????? Bitcoin remained flat for a third consecutive week around $96,000, facing downward pressure from the Libra memecoin crash and the $1.5 billion Bybit hack, while speculative activity surged on Sonic and BNB Chain. →→→ Full market update: https://lnkd.in/g-NjiGJ7 ???????????? ???????????? The Lazarus group executed cryptocurrency's largest exploit, stealing $1.4 billion in ETH from Bybit. Despite this unprecedented event: ? Bybit continues processing withdrawals with partner assistance ? The exchange has repurchased 246,994 ETH ($742M) to rebuild reserves Institutional flows showed interesting divergence: ? Bitcoin ETFs: $550M in outflows last week ($950M total in February) ? Ethereum ETFs: $393M in inflows (290% increase from January) Strategy (formerly MicroStrategy) announced a $2B zero-coupon note offering to expand its 478,340 BTC holdings. FTX began repaying customers with claims up to $50,000, with larger verified claims ($13.3-15.3B) scheduled for May 30, 2025. ???????????? ?????????????????? ???? ?????????? ?????????????????? The Libra launch on Solana, initially endorsed by Argentina's President Milei, reached $4.6B FDV before crashing 96% when he revoked support. Analysis revealed: ? Team wallets withdrew $99M in liquidity ? 74% of 140,000 participating wallets lost money Solana's ecosystem suffered broad contagion: ? SOL price dropped 20% ($205 to $161) ? Trading volume fell to $13B (50% below February's average) ? Protocol revenues plummeted (Jito -70%, Raydium -72%) Meanwhile, Ethereum trading volume increased 26% to $18.4B week-over-week. ??????????’?? ???????? ?????? ?????? ??????????’?? ?????????????? Sonic (rebranded from Fantom) has seen explosive growth: ? TVL surged from $28M to $1.1B this year ? Daily transactions increased from 20,000 to over 300,000 ? Market cap jumped 90% to $3B before consolidating at $2.5B Notably, 40% of inflows to Sonic originated from Solana, highlighting significant capital rotation. BNB Chain gained momentum after former Binance CEO CZ's social media activity: ? Recorded $71B in trading volume (second to Solana's $90B) ? PancakeSwap surpassed competitors with $67B monthly volume ? CAKE token surged 26% while competitors declined ?????????????? ???????????????? Bitcoin's resilience after the Bybit hack demonstrates market maturity. Meanwhile, as high-profile token launches (Trump, Melania, Broccoli, Libra) have dropped at least 75% from peaks, capital appears to be rotating through different networks as narratives evolve, potentially shifting toward projects with tangible utility and sustainable value. ?? https://lnkd.in/g-NjiGJ7

We’re heading to ETHDenver! Meet our Business Development team (Katryna Hanush, David Micley, and Daniel Mon) and Ventures arm (Jonas Elschner Kristensen) to explore OTC trading, liquidity provision, partnerships, and deals! From memecoins to RWA and DeFi, catch our team on multiple stages this week ? — ??? Why Finance is Better Onchain ?? 25 February 2025, Tuesday ?? 11:20AM ??? Katryna Hanush ?? Plume Denver: RWAfi Summit by Plume Network — ??? Memecoins as Culture: The Art of Value in Virality ?? 25 February 2025, Tuesday ?? 1:20PM ??? Katryna Hanush ?? #ETHDenver BUILD Squad Stage — ??? Trade Onchain or Miss the Train ?? 27 February 2025, Thursday ?? 11:20AM ??? Felix Buchert ?? Borderless Summit - DeFi Pulsecheck by SynFutures and Pyth Network See you there!

???? ?????? ???????????? ???? ???? Following a successful year, we plan to expand our OTC and derivatives offerings in the US, alongside opening a New York office. Hear more about our expansion plans from Evgeny Gaevoy on Bloomberg News ↓

Busy day at ETHDenver tomorrow! Catch our BD and Partnerships Managing Director Katryna Hanush at 2 panels: Why Finance is Better Onchain ?? Plume Network Denver RWAfi Summit ?? 11:20AM Memecoins as Culture: The Art of Value in Virality ?? ETHDenver BUIDL Squad Stage ?? 1:20PM See you there!

Catch us at RWA London Summit 2025 on 24 February! Join our Business Development and Partnership Director, Willis Croft, as he shares insights on the panel “Digital Assets in 2025: An Industry Forecast”. Interested in discussing liquidity provision, OTC trading, or partnerships? →→→ Connect with Willis at the summit See you there! #RWALondon2025

What really drives token price movements after exchange listings? The natural rotation of early holders into new opportunities after exchange listings is often mistaken for LP-driven price movement. Watch Evgeny Gaevoy on Bloomberg News explain why that is not the case ↓