Wintermute

𝐈𝐂𝐘𝐌𝐈: 𝐖𝐢𝐧𝐭𝐞𝐫𝐦𝐮𝐭𝐞 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐝 𝐬𝐩𝐨𝐭 𝐚𝐧𝐝 𝐝𝐞𝐫𝐢𝐯𝐚𝐭𝐢𝐯𝐞𝐬 𝐥𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐢𝐧𝐭𝐨 oneZero Financial Systems 𝐄𝐜𝐨𝐒𝐲𝐬𝐭𝐞𝐦 The integration brings: ‣ Deep liquidity for 350+ spot and CFD trading pairs with reliable 24/7/356 pricing ‣ Market’s first multi-currency collateral support is now available to leading financial institutions through oneZero’s robust infrastructure Read more:

📈 𝐌𝐚𝐫𝐤𝐞𝐭 𝐮𝐩𝐝𝐚𝐭𝐞 – 𝟐𝟐 𝐉𝐮𝐥𝐲 𝟐𝟎𝟐𝟒 ‣ Bitcoin surged 10.2% last week to $67,000 ‣ Spot Ethereum ETF launched on July 23 with some offering initial fee waivers ‣ Solana DEXes surpassed Ethereum DEXes in monthly trading volume for the first time Here's our weekly breakdown: 𝐁𝐢𝐭𝐜𝐨𝐢𝐧'𝐬 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐝 𝐔𝐩𝐰𝐚𝐫𝐝 𝐌𝐨𝐦𝐞𝐧𝐭𝐮𝐦 Bitcoin maintained its growth, surging by 10.2% from $60,800 to $67,000. Altcoins mirrored this movement, with their total market capitalization increasing by 6.5% to $625 billion. Since July 5, the altcoin market cap has surged by 25%, led by memecoins. Key market indicators: ‣ Total open interest in perpetual futures increased by 13% to $44 billion ‣ Funding rates for BTC and ETH remained low, indicating spot-driven activity ‣ Implied volatility in BTC and ETH saw a sharp rise, particularly in shorter-term tenors ‣ Stablecoin market cap reached $164.4 billion, the highest since May 2022, indicating growing investor confidence 𝐒𝐩𝐨𝐭 𝐄𝐓𝐅 𝐔𝐩𝐝𝐚𝐭𝐞 U.S. Spot Bitcoin ETFs recorded $1.2 billion of inflows last week, with IBIT leading at $600 million. July's inflows have reached $2.4 billion, compensating for over two-thirds of the German government's total outflows. July's spot Bitcoin ETF inflows exceeded May's, but total trading volume decreased. This is mainly due to reduced GBTC outflows, which fell 58%, limiting arbitrage opportunities. Grayscale's market share dropped to 20%, while BlackRock and Fidelity dominated with 69% of trading volume. Ethereum ETF fee structures: ‣ Most ETF issuers are charging between 0.19% and 0.25% management fees ‣ Some issuers are offering initial fee waivers for a limited period ‣ Grayscale has introduced two funds with different fee structures:   - ETHE: 2.5% fee post-conversion, no initial waiver   - Ethereum Mini Trust: No fees for first six months or until $2 billion AuM, then 0.15% 𝐒𝐨𝐥𝐚𝐧𝐚 𝐃𝐞𝐅𝐢 𝐁𝐨𝐨𝐦 Solana's DeFi ecosystem is booming, with DEX volume surpassing Ethereum's for the first time. Solana's DeFi TVL has grown from under $1 billion to nearly $5 billion in seven months, driven by liquid staking. JITO leads this sector with $1.92 billion TVL. While Solana's overall staking ratio (68%) exceeds Ethereum's (28%), only 10% of staked SOL is liquid-staked, compared to Ethereum's 33%. Solana's liquid staking market growth may lead to increased adoption and innovation. Given the rapid expansion of the Solana LST market this year, a similar level of adoption and innovation within the Solana ecosystem could be on the horizon, potentially enhancing its capabilities and liquidity. The crypto markets have shown robust performance over the past two weeks despite weakness in equities. With ETH ETFs set to launch this week and Trump scheduled to speak at the Bitcoin Conference, traders anticipate a potentially positive week ahead.

📈 Market update – 15 July 2024 Bitcoin's price surged 8.6% last week, driven by strong spot ETF inflows, positive economic data, and shifting political odds. Meanwhile, Genesis sold 13,000 BTC, and BTC's Pearson correlation coefficient shows a decoupling with TradFi assets. Here's our weekly breakdown: 𝐁𝐢𝐭𝐜𝐨𝐢𝐧'𝐬 𝐑𝐞𝐬𝐢𝐥𝐢𝐞𝐧𝐜𝐞 𝐚𝐧𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 Bitcoin regained some strength last week, gaining 7.6% and closing at $60,806. This positive momentum extended to the broader altcoin market, which saw an 8.5% increase in total market capitalization. Funding rates remained low, suggesting buying pressure primarily from spot markets rather than futures, indicating lower leverage levels. 4 key factors that drove recent price action: 1. Tapering GBTC outflows: Grayscale's monthly sell-off dropped to just $15 million in July, while new ETF inflows remain strong at $144 million 2. Market absorption of large sell-offs: The German government transferred 40,000 BTC to exchanges, yet Bitcoin's price increased by 4%, showcasing market resilience 3. Positive CPI print: June's core CPI rate came in at 3.3%, below the expected 3.4%, increasing the probability of a September rate cut from 68.1% to 88% 4. Political events: A failed assassination attempt on former President Trump boosted his election odds, leading to market rallies due to his pro-business and crypto-friendly stance 𝐆𝐞𝐧𝐞𝐬𝐢𝐬: 𝐓𝐡𝐞 𝐍𝐞𝐱𝐭 𝐁𝐢𝐠 𝐒𝐞𝐥𝐥𝐞𝐫? Genesis has transferred over 13,000 BTC to exchanges in the past month, with 33,000 BTC and $370 million in ETH still in their wallets. These movements are likely part of ongoing bankruptcy proceedings. Recent developments in Genesis's case: ‣ Gemini Earn users received full asset recovery, totaling $2.18 billion ‣ A court order to return $3 billion in customer assets ‣ Genesis claims now trading between 97-110% for claims over $10 million and 74-94% for claims under $1 million 𝐂𝐫𝐲𝐩𝐭𝐨 𝐃𝐞𝐜𝐨𝐮𝐩𝐥𝐢𝐧𝐠 𝐟𝐫𝐨𝐦 𝐓𝐫𝐚𝐝𝐅𝐢 𝐀𝐬𝐬𝐞𝐭𝐬 A significant shift in correlations between crypto and traditional assets has emerged: ‣ Bitcoin's 30-day Pearson correlation coefficient with the S&P 500 dropped from 0.86 to -0.85, the strongest de-correlation in 4.5 years ‣ Correlation with Gold decreased from 0.45 to -0.43, shifting from moderately positive to moderately negative correlation This divergence may be due to post-halving consolidation and ongoing institutional sell-offs. However, given that the catalysts are temporary and magnitude of decoupling, correlations may pick up again in the near future. After dropping to $54,000 in early July, BTC has shown a sharp 17% reversal. With favorable macro indicators, we may soon see a breakout from the four-month range. However, investors should remain aware of potential volatility from anticipated sell pressure. While the timeline for further liquidations remains unclear, the market's recent ability to absorb large sell-offs provides some optimism.

📢 𝐖𝐢𝐧𝐭𝐞𝐫𝐦𝐮𝐭𝐞 𝐢𝐧𝐭𝐞𝐠𝐫𝐚𝐭𝐞𝐬 𝐬𝐩𝐨𝐭 𝐚𝐧𝐝 𝐝𝐞𝐫𝐢𝐯𝐚𝐭𝐢𝐯𝐞𝐬 𝐥𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐨𝐧𝐞𝐙𝐞𝐫𝐨 𝐄𝐜𝐨𝐒𝐲𝐬𝐭𝐞𝐦 We're excited to announce the integration of our 𝐂𝐅𝐃 𝐚𝐧𝐝 𝐬𝐩𝐨𝐭 𝐥𝐢𝐪𝐮𝐢𝐝𝐢𝐭𝐲 into the oneZero Financial Systems EcoSystem and mark another step in expanding our presence to traditional finance venues. oneZero is the leading multi-asset class enterprise trading technology provider for banks and institutions. Their liquidity-neutral EcoSystem covers more than 250 brokers, banks, and liquidity providers who trade USD 200Bn+ in notional volumes across a variety of asset classes. Wintermute is ideally positioned to offer deep liquidity and reliable 24/7/356 pricing through the oneZero EcoSystem. 𝐊𝐞𝐲 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬: ‣ CFDs are a newer addition to Wintermute’s #OTC derivatives offering but have seen trading volumes grow 3x since their launch in March ‣ Leading financial institutions can now access Wintermute’s tight spreads, competitive margins, no fees, and 99.9% uptime for 350+ #CFD and spot trading pairs through oneZero’s robust infrastructure ‣ Wintermute’s 𝐦𝐚𝐫𝐤𝐞𝐭-𝐟𝐢𝐫𝐬𝐭 𝐦𝐮𝐥𝐭𝐢-𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐜𝐨𝐥𝐥𝐚𝐭𝐞𝐫𝐚𝐥 𝐬𝐮𝐩𝐩𝐨𝐫𝐭, which allows traders to post any cryptocurrency or fiat as margin collateral for CFD trading, is available to oneZero clients from day one For more details on how we can support your trading needs, visit or contact our team at trade@wintermute.com. 🔗 Read the full release: https://hubs.li/Q02GJYtR0 #onezero #institutional #liquidity #FX #wintermute – CFD trading is offered by Wintermute Asia, the digital asset derivatives trading arm of Wintermute Group, based in 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. Trading CFDs involve significant risks including price volatility and illiquidity and may not be suitable for all investor

 📈 𝐌𝐚𝐫𝐤𝐞𝐭 𝐮𝐩𝐝𝐚𝐭𝐞 – 𝟖 𝐉𝐮𝐥𝐲 𝟐𝟎𝟐𝟒 Last week saw significant market volatility, with Bitcoin experiencing its largest percentage drop since the FTX fallout in November 2022. Meanwhile, FTX's bankruptcy estate unveiled plans to distribute up to $16.4 billion to creditors. Here's a breakdown of key events: 𝐌𝐚𝐫𝐤𝐞𝐭-𝐖𝐢𝐝𝐞 𝐒𝐞𝐥𝐥-𝐎𝐟𝐟 𝐚𝐧𝐝 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐢𝐨𝐧𝐚𝐥 𝐎𝐮𝐭𝐟𝐥𝐨𝐰𝐬 Bitcoin dropped 14.5% to $53,500, its lowest since February, before recovering to $56,500. This sharp decline represents the first pullback of over 25% from the all-time high in this cycle, something not uncommon during bull markets. Despite the recent drawdown, Bitcoin remains up 260% from its cycle low of $15,500 due to the spot ETF-drive BTC rally. The broader market felt the impact, with total open interest (OI) falling from $42.8 billion to $35.8 billion and altcoin market capitalization dropping to $513 billion, its lowest since February. Liquidations exceeded $1.1 billion within three days, the highest since April, while the Fear and Greed Index fell to 29, the lowest level since January 2023. The market panic was likely triggered by significant institutional outflows. Mt. Gox moved 47,229 BTC ($2.71 billion) to an unidentified wallet, while the German government moved 2,892 BTC ($171 million) to exchanges and 5,500 BTC ($360 million) to an unidentified address. If all Mt. Gox BTC were sold over three months, it would exert $84 million of average daily sell pressure. For context, GBTC's average daily sell pressure over 120 trading days is $128 million, while new spot ETFs provide a daily cumulative net buy pressure of $248 million. 𝐅𝐓𝐗 𝐑𝐞𝐜𝐨𝐯𝐞𝐫𝐲 𝐚𝐧𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐮𝐭𝐥𝐨𝐨𝐤 In contrast to the selling pressure, the FTX bankruptcy proceedings offer a potentially positive development. The latest reorganization plan estimates $14.7 - $16.4 billion worth of cash for distribution to FTX customers and creditors. The convenience class will receive 118% of nominal value within 60 days post-plan activation, while larger claims will receive 127-142% of nominal value. Initial distributions are expected by year-end or early next year, and FTX claims are now trading between 101% and 112% on the dollar. Looking ahead, Bitcoin has historically grown by approximately 10% in July and has shown a tendency to recover strongly following negative performance in June. However, the unfolding Mt. Gox saga and government sell-offs could introduce additional market volatility. The potential influx of liquidity from FTX creditor repayments could counterbalance current market sell pressure, offering a ray of hope amidst the turbulence. While recent events have undoubtedly shaken the crypto market, historical patterns and upcoming developments suggest there may be potential for recovery. But the question remains: In light of these complex and often conflicting market forces, how will investors navigate the path forward?

We’re heading to Brussels for EthCC! 🤝 Meet our BD team Jonathan Chan, Katryna Hanush, Willis Croft and Ayt B. to explore our OTC and liquidity offerings. 💡 Connect with our DeFi and Ventures team if you’re building something exciting in this space or want to bounce ideas with us. 🎤 Join us for insightful discussions at the following events 🡫 — Katryna Hanush, our Managing Director will take the stage at the Real-World Asset Summit for a panel discussion with other panelists from Citi Markets, Franklin Templeton, Keyrock, Laser Digital, and Galaxy. 📅 9 July, 4:45 pm 📍 Conservatory stage 🎤 Topic: Creating liquidity for tokenized assets   Apply to attend: https://lnkd.in/e-pa2gwW — Li Xi, our DeFi Solver, will join the panel discussion at the Pyth Network Agora 2024 with panelists from Auros, Swaap Finance, and Flowdesk 📅 11 July, 3:20pm 📍 Chalet Robinson 🎤 Topic: The State of Liquidations and On-Chain Market Making RSVP for Pyth Agora 2024: https://lnkd.in/dRyGv5AF — 💃 Plus, we will take time to unwind and wrap up EthCC with evening drinks and good company. — Our team is looking forward to speaking with and meeting you at EthCC! DM us to set up a meeting 📩 #EthCC #digitalassets #crypto #defi #web3 #ethereum

📈 We are excited to share that Wintermute Pulse is now available on Bloomberg Terminal (Bloomberg Professional Services)! Our daily and weekly market color, directly from our OTC desk, offers: ‣ Up-to-date flow analysis ‣ Comprehensive market positioning ‣ Narrative tracking across a wide range of digital assets Use code ‘NH WMT’ in the launchpad and access the most up-to-date crypto market color directly on Bloomberg Terminal. #bloombergterminal #marketcolors #wintermute #digitalassets

We are thrilled to continue our partnership with OG Esports! 🎉 Since 2020, our shared values in teamwork, strategic play, and growth have driven success for both brands. Our mutual passion for gaming, particularly Dota 2, has made this ongoing collaboration a natural fit. At Wintermute, gaming is deeply ingrained in our culture, and we see strong parallels between gamers and traders - both thrive on competition, adaptability, and strategic thinking. This partnership allows us to tap into new talent pools, ensuring we continue to attract top talent and foster a dynamic work environment. 🔗 Read more about our renewed partnership: https://lnkd.in/gbbZK_RA #Wintermute #OGEsports

Exciting News 🎤 We're excited to welcome Yoann T., Co-Founder of Wintermute as a speaker at #KBW2024: IMPACT! Discover how Wintermute is creating liquid and efficient markets throughout Web3. See you there 🇰🇷

Delighted to join Coinfest Asia this year to represent Wintermute