Wintermute

𝐖𝐢𝐧𝐭𝐞𝐫𝐦𝐮𝐭𝐞 𝐁𝐞𝐜𝐨𝐦𝐞𝐬 𝐚 𝐄𝐮𝐫𝐞𝐱 𝐌𝐞𝐦𝐛𝐞𝐫! We are excited to share that we are officially a Eurex member! Joining Eurex, the leading European derivatives exchange, is a significant step for Wintermute Asia. It enables us to offer institutional investors access to a wide range of derivative products and liquidity solutions within a framework that aligns with their established trading practices. Through Eurex, institutions can now execute large blocks across multiple crypto products, including options and futures, whilst using a familiar setup. In addition to our existing offerings, Wintermute Asia can structure tailored products referencing the Eurex products, addressing specific execution needs and conditions. We’ve observed strong interest from traditional finance in gaining exposure to cryptocurrencies, but institutions require trusted, secure methods to access crypto that align with their existing frameworks. By becoming a Eurex member, we aim to bridge this gap and enable institutions to trade digital assets in a compliant environment they are accustomed to. The onboarding process with such venues demands rigorous due diligence, as well as alignment of infrastructure and operational setups. We’re proud to be among the few crypto-native firms to meet these high standards. As a market leader in the digital asset ecosystem, we’re keen to bring our expertise into traditional finance and contribute to building a diversified financial system. Having already established a presence in other traditional finance venues, this membership is another key step in this direction as we continue to expand our reach across traditional finance venues that support crypto. This milestone also marks the continuous expansion of our derivatives offering, further solidifying our position as a one-stop shop for digital asset OTC trading. We look forward to working with the Eurex team and providing our counterparties with the most comprehensive offering in the space. → 𝐑𝐞𝐚𝐝 𝐭𝐡𝐞 𝐟𝐮𝐥𝐥 𝐧𝐞𝐰𝐬: https://lnkd.in/dbpExxmX #options #futures #OTC #markets #Eurex #Wintermute — Disclaimer: Derivatives trading is offered by Wintermute Asia (Singapore). This material is provided solely for informational purposes and is intended only for sophisticated investors. Specifically, derivatives trading with Wintermute Asia is not suitable for retail persons.

🚨 We've been made aware of a fraudulent webinar falsely claiming to be associated with  Wintermute and soliciting "investments". This is not authorized by Wintermute. We are not conducting any such activities. Stay vigilant and only trust information from our official channels.

𝐄𝐱𝐩𝐥𝐨𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐢𝐦𝐩𝐚𝐜𝐭 𝐨𝐟 𝐬𝐭𝐚𝐤𝐞𝐝 𝐭𝐨𝐤𝐞𝐧𝐬 𝐚𝐬 𝐜𝐨𝐥𝐥𝐚𝐭𝐞𝐫𝐚𝐥 𝐢𝐧 𝐜𝐫𝐲𝐩𝐭𝐨 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 Together with Lido Finance, we analyzed an ETH call option trade, comparing how fiat, ETH, and stETH as collateral affect payouts and operational efficiency. See our findings: https://lnkd.in/gwKPEdwT — Disclaimer: Derivatives trading is offered by Wintermute Asia (Singapore).

Another TOKEN2049 time of the year is behind us, and as always, it was packed with insightful discussions. Our CEO Evgeny Gaevoy joined Annabelle Huang, Jordi Alexander, and Zaheer Ebtikar to talk crypto capital markets. Highlights on token launches, memecoins, OutcomeMarket & more ↓ 𝐎𝐧 𝐭𝐨𝐤𝐞𝐧 𝐥𝐚𝐮𝐧𝐜𝐡𝐞𝐬 Evgeny highlighted the significant information asymmetry between professional investors (VCs) and retail investors. This can lead to unexpected sell pressure as early investors take profits. 🔩 How to fix asymmetric information? 1) Making entry prices for all participants transparent This would help retail investors make more informed decisions and level the playing field. 2) Normalize the transfer of positions from early-stage venture funds to later-stage funds before TGE This could create a more balanced market by reducing sell pressure during TGE. 𝐎𝐧 𝐛𝐫𝐢𝐧𝐠𝐢𝐧𝐠 𝐦𝐨𝐫𝐞 𝐭𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐭𝐨 𝐦𝐚𝐫𝐤𝐞𝐭-𝐦𝐚𝐤𝐢𝐧𝐠 We need more transparency in loan amount, strike price, and duration. However, this requires agreement from both token protocol and liquidity provider. 𝐎𝐧 𝐦𝐞𝐦𝐞𝐜𝐨𝐢𝐧𝐬 Evgeny noted that their popularity is partly a reaction to previous complex protocols with complicated tokenomics that mostly performed poorly 𝐎𝐧 𝐎𝐮𝐭𝐜𝐨𝐦𝐞𝐌𝐚𝐫𝐤𝐞𝐭 The recent development of the OutcomeMarket smart contract is an open experiment → Anyone can mint, list and trade them As highlighted by Evgeny, Wintermute’s philosophy is to support decentralization broadly – more blockchains, more DEXs, and even more competition in liquidity provision. We’ve incubated protocols like Bebop that welcome anyone to provide liquidity on. Thank you Token2049 for having us and shout out to the other panelists for a great discussion! 🔗 Check out the full panel: https://lnkd.in/gkjBiVVM

#Bitcoin has remained range-bound after a strong H1, but institutional on-boarding and trading activity is surging, says our trader Jake Ostrovskis via Reuters The upcoming launch of options on BlackRock’s spot Bitcoin ETF could ignite U.S. retail interest. Read the article: https://lnkd.in/gCcbpijU #ETF #BitcoinETF

📈 𝐌𝐚𝐫𝐤𝐞𝐭 𝐔𝐩𝐝𝐚𝐭𝐞 – 𝟕 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝟐𝟎𝟐𝟒 Last week's crypto market experienced significant volatility driven by geopolitical tensions and a strong U.S. jobs report. Key highlights: ‣ Bitcoin fluctuated from $65,500 to $60,000, then recovered to $62,000 ‣ Base reached $2 billion in TVL, with Aerodrome (DEX) accounting for 50% ‣ Liquid restaking protocols on Ethereum surged from 112,000 ETH to 3.5 million ETH YTD 🔗 Full update: https://lnkd.in/gpNCiSVr 𝐆𝐞𝐨𝐩𝐨𝐥𝐢𝐭𝐢𝐜𝐚𝐥 𝐓𝐞𝐧𝐬𝐢𝐨𝐧𝐬 & 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐩𝐨𝐧𝐬𝐞 ‣ Escalating Israel-Iran conflict triggered a market-wide selloff ‣ Nearly $500 million in liquidations on centralized exchanges ‣ 13% decrease in total open interest ‣ Declining funding rates across the board ‣ SUI funding rate plummeted from 10% APR to -70% APR 𝐔.𝐒. 𝐉𝐨𝐛𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 𝐈𝐦𝐩𝐚𝐜𝐭 ‣ Nonfarm payrolls increased by 254,000 jobs (exceeding expectations) ‣ Unemployment rate dipped to 4.1% from 4.2% ‣ Positive market reaction due to Fed's dovish stance 𝐁𝐚𝐬𝐞 𝐚𝐧𝐝 𝐀𝐞𝐫𝐞𝐝𝐫𝐨𝐦𝐞 𝐆𝐫𝐨𝐰𝐭𝐡 ‣ Base: 6 million active wallets, 33 million weekly transactions ‣ Aerodrome: Over $1 billion TVL, $9.8 billion monthly swap volume ‣ $140 million protocol-owned revenue YTD for Aerodrome 𝐑𝐞𝐬𝐭𝐚𝐤𝐢𝐧𝐠 𝐄𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦 ‣ EigenLayer: 3rd largest protocol by TVL ($15 billion) ‣ 79% of EigenLayer's TVL from native staking (4.8 million ETH) ‣ Liquid restaking tokens (LRTs) surge to 3.4 million ETH in 2024 ‣ EtherFi leads LRT platforms with 58% market share 𝐄𝐭𝐡𝐞𝐫𝐞𝐮𝐦 𝐯𝐬. 𝐒𝐨𝐥𝐚𝐧𝐚 𝐑𝐞𝐬𝐭𝐚𝐤𝐢𝐧𝐠 ‣ Ethereum: $15 billion TVL in restaking ‣ Solana: $187 million TVL in restaking ‣ Ethereum advantages: Larger TVL, lower token volatility ‣ Solana appeal: Lower-risk delegated staking, higher yields 𝐂𝐥𝐨𝐬𝐢𝐧𝐠 𝐓𝐡𝐨𝐮𝐠𝐡𝐭𝐬 The crypto market shows resilience amid geopolitical tensions, supported by positive economic indicators and a dovish Fed stance. Base's growth, driven by Aerodrome, highlights the ecosystem's dynamism, though sustainability of token incentives remains a concern. The restaking sector's expansion presents opportunities, but its true potential is yet to be determined as current participation is largely speculative. 🔗 Get access to the full market update: https://lnkd.in/gpNCiSVr

Wintermute Ventures is #hiring an Investment Manager 🤓 Passionate about DeFi and bullish on projects in Asia? Wintermute Ventures is looking for someone to drive growth in the region with a focus on investments in technology/blockchain companies. Interested in building the decentralized future? Apply here:

Wintermute Ventures is excited to back Synnax Technologies in this strategic round! Their innovative approach can revamp the credit ratings industry by sourcing predictive analytics from decentralized sources. We’re proud to support Robert Alcorn, CFA and Synnax team's vision for a transparent digital asset credit market.

Notes from NYC The crypto hub in NYC is buzzing with positive energy and optimism, place to be for pragmatic visionaries and top intellectuals 👌 Memes and Politics 🗳️💬 The political views within the crypto community are quite divided and categorical. Many crypto natives believe that the only net positive outcome for the economy is a stronger USD and a reinforced one issue vote on crypto. In contrast, I encountered a more measured perspective from TradFi institutions which appeals logically. Current regulators will likely retire, paving the way for a net positive outcome in terms of clarity for crypto. A predictable and stable candidate emerging would benefit the markets, which naturally prefer stability and predictability. I also reconciled my thoughts on living in “meme land” with the shifted perspective on tokenized content, whether it’s a political infographic, NFT or a famous song. Memes represent a cultural phenomenon of content creation economy that doesn’t have to be a financial product but still holds intrinsic value. It’s all about narrative building and understanding what captures/ retains attention, driving monetization opportunities. This is not inherently good or bad, just a new modern era driven by engagement economy and tokenising attention ("smell what sells") Banks and Institutions 🏦🔍 Banks are actively engaging with all Layer 2 solutions, moving from centers of excellence to production testing of permissioned systems. Their primary goal is to replace outdated post-trade middle office and operational systems. However, significant challenges remain, particularly concerning operational risk and custody solutions that have yet to be resolved. L2 entities are actively hiring institutional professionals ready to grind through a rigorous many-months sales cycle. I still believe that large institutions are not fully diving into crypto, as this has never been their primary goal. Instead, they are exploring the blockchain solutions space, looking to tokenize existing product solutions. Wealth management platforms are most likely expected to drive significant volumes in underlying crypto assets, with a strong focus on ETFs as a key component. Some strategic meme founders are already future planning toward being selected as single-stock ETFs, viewing this as the ultimate objective. VCs and Projects 💡🚀 The availability of early venture capital in NYC is enabling innovative ideas to take off. Many technical VC teams are actively involved in ideation, incubation, and acceleration, strategically approaching great founders to execute their visions. There’s a noticeable increase in technical expertise on the VC fund side, where individuals aim to be product builders and owners. This new breed of VC funds have strong convictions about the next development stages, often coming from HFT and quantitative backgrounds rather than traditional P/E or IB. They are able to execute on the most technical product ideas. 👏✨

As we enter Uptober, our OTC trader Jake Ostrovskis shared insights with CoinDesk on Bitcoin's recent dip and future outlook. Despite October's bullish reputation, Jake suggests the real breakout might come post-U.S. elections. Read more: https://lnkd.in/gGAFVvVm