Latest news with #Wintermute
Yahoo
14-07-2025
- Business
- Yahoo
Crypto Markets Bifurcate With Institutions Focusing on BTC and ETH While Retail Chases Alts: Wintermute
The crypto market is splitting in two. Institutional and retail investors are taking increasingly different paths, with institutional players anchoring themselves in bitcoin BTC and Ethereum's ether ETH while retail investors pour into altcoins and memecoins, according to a mid-year report from crypto trading firm Wintermute. Analyzing over-the-counter spot trading volumes, institutional trading volumes with the two largest tokens held steady at 67%, likely backed by ETF inflows and structured accumulation vehicles, the report said. Meanwhile, retail investors dropped their BTC and ETH exposure from 46% to 37%, shifting capital toward newer, more speculative tokens. "This divergence isn't a temporary thing; It's the sign that we are experiencing a more mature, sophisticated and specialized crypto market," said Evgeny Gaevoy, CEO and founder of Wintermute. "Investors are no longer chasing the same trend," he added. "Institutions are treating crypto as a macro asset, while retail traders continue to gravitate to innovation." Overall, traditional finance (TradFi) firms were the fastest-growing cohort in OTC trading volumes, growing 32% year-over-year. That growth was being fueled by regulatory developments like the U.S. GENIUS Act and the EU's ongoing MiCA rollout, which have given larger firms more confidence to participate, the report said. Retail brokers also saw strong activity, with a 21% rise in volume over the same period. Meanwhile, crypto-native firms dialed back, down 5%. OTC options volume jumped 412% compared to the first half of 2024, as institutions embraced derivatives for hedging and yield generation, the report noted. Meanwhile, Contracts for Difference (CFDs) doubled in variety, offering access to less liquid tokens in a more capital-efficient way. Wintermute said its own OTC desk saw spot trading volumes grow at more than twice the pace of centralized exchanges, signaling a shift toward more discreet, large-volume trading favored by traditional finance. The firm noted that memecoin activity has become more fragmented. While overall retail trading in memecoins declined, the number of tokens traded by individual users doubled, signaling a broadening appetite for micro-cap assets in the long tail of the market. With that, legacy names like dogecoin DOGE and shiba inu SHIB lost ground to a growing list of niche tokens such as bonk BONK, dogwifhat WIF and popcat POPCAT, the report noted. Looking ahead to the second half of 2025, Wintermute analysts said to keep an eye on spot dogecoin ETF filings with spot with a final regulatory decision expected by October. "The outcome could significantly impact the retail market and set a precedent for other alternative assets," the report said.
Yahoo
09-07-2025
- Business
- Yahoo
Asia Morning Briefing: Bitcoin Stalls Near $109K as Market Waits for a Catalyst
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Asia begins its Wednesday trading day, bitcoin (BTC) continues to trade rangebound without any dominant market-moving headlines. The world's largest digital asset is trading above $108,900, according to CoinDesk market data, and the CoinDesk 20 index, a measure of the performance of the largest digital assets, is above 3,100, up 1.7%. Right now, what separates bitcoin's drift to $110K from a rally is market conviction, say observers. In a recent report, Glassnode highlighted that spot volumes for BTC continue to linger below their usual statistical bands, ETF flows contracted sharply from recent highs, and institutional investors appear hesitant despite the climbing unrealized gains shown in elevated ETF Market Value to Realized Value (MVRV) ratios. In a market update from earlier this week, Wintermute describes this cautious environment as a "barbell market," pointing out a stark divide between renewed enthusiasm in high-beta assets, like memecoins, and the stability of established large-cap tokens. Last year's narrative darlings, notably AI and DePIN tokens, have lost investor attention, indicating that traders are rotating into memecoins, many of the majors like DOGE, SHIB, and PEPE are up over 8% in the last week, or staying in BTC and ETH, which are seen as battle-tested and secure. With global equities largely shrugging off geopolitical uncertainties, BTC's hesitancy underscores lingering caution among traders, suggesting the market awaits clearer signals before breaking decisively higher. Things are likely to remain rangebound until that changes. Bitcoin-only VC firm Ego Death Capital has closed a $100 million second fund aimed at backing projects that treat Bitcoin as infrastructure, not a speculative trade, CoinDesk previously reported. The fund will target Series A rounds between $3 million and $8 million for startups solving real-world problems using Bitcoin's base layer or its scaling solutions. 'We're investing in businesses that treat Bitcoin not as a trade, but as infrastructure—something to build on, not bet on,' said general partner Lyn Alden. Ego's existing portfolio includes Relai, a self-custody app, and Roxom, a securities exchange built directly on Bitcoin rails. At a time when multichain VCs are chasing yield on every new L2 and L3, Ego's thesis is a bet on simplicity and durability: Bitcoin's dominance remains above 60%, and the fund aims to capitalize on its staying power. The message to allocators: ignore the hype, back the rails that last. A federal judge has ruled that the U.S. government's sanctions against Tornado Cash, which were imposed in 2022 and later overturned, cannot be discussed in the upcoming criminal trial of developer Roman Storm, CoinDesk previously reported. Judge Katherine Polk Failla said allowing the jury to hear about the now-invalid sanctions would require "mental gymnastics" and risk confusing the core legal issues at trial. The sanctions were originally imposed by the U.S. Treasury's Office of Foreign Assets Control (OFAC) over alleged use of the mixer by North Korea's Lazarus Group, but were struck down earlier this year in a separate case, Van Loon v. Treasury. Storm faces multiple criminal charges related to his role in building Tornado Cash, a privacy tool that allows users to obscure the origin of crypto transactions. Prosecutors allege that he profited substantially from the project, citing evidence of multi-million-dollar TORN token sales and real estate purchases. Judge Failla also ruled that evidence obtained from fellow Tornado Cash developer Alexey Pertsev's phone can be admitted at trial, despite objections from Storm's legal team who argued the material was cherry-picked and not independently verifiable. Although Storm is free to speak about his belief in privacy and civil liberties, the judge said he will not be allowed to frame his actions as protected under the First Amendment. The court drew a distinction between personal beliefs and legal defenses. A final pre-trial hearing is scheduled for Friday, with the trial slated to begin on June 14 and expected to last four weeks. The outcome of the case is likely to set an important precedent for how U.S. courts treat developers of open-source privacy tools. BTC: Bitcoin maintained institutional-grade resilience during the July 7–8 trading cycle, holding above the key $108,000 level while navigating heavy resistance at $109,200 and finding strategic support near $107,470, signaling continued confidence from corporate treasuries despite late-session profit-taking, according to CoinDesk's market insights bot. ETH: Ethereum rose 3% to $2,610 during the July 7–8 session as institutional investors deployed $515 million in coordinated weekend buying, driving volumes to nearly triple the average and pushing the asset through key resistance levels Gold: Gold fell 1.2% to below $3,300 on Tuesday as optimism over delayed reciprocal tariffs and hopes for new trade deals weakened safe-haven demand, while markets awaited FOMC minutes for further rate guidance. Nikkei 225: Asian markets traded mixed Wednesday as Japan's Nikkei 225 edged down 8.39 points (0.021%) after U.S. President Trump ruled out delaying August 1 tariffs, imposed a 50% duty on copper imports, and warned of potential 200% pharmaceutical tariffs with an 18-month grace period. S&P 500: The S&P 500 closed nearly unchanged on Tuesday after President Donald Trump confirmed there would be no exemptions to the August 1 tariff rollout. Eigen Labs lays off 25% of employees, turns focus to EigenCloud (Blockworks) SharpLink Gaming Jumps 26% as Ether Treasury Tops 200K ETH (CoinDesk) Japan's Surging 30-Year Yield Is Flashing Warning Sign for Risk Assets: Macro Markets (CoinDesk)Sign in to access your portfolio
Business Wire
01-07-2025
- Business
- Business Wire
Lynq Sets July 15th Launch Date for Real-Time Interest-Bearing Settlement Network
NEW YORK--(BUSINESS WIRE)-- Lynq, the real-time, interest-bearing settlement network for digital assets, today announced July 15, 2025, as its official go-live date. Lynq's launch follows more than a year of market research and collaboration with some of the world's leading digital asset firms, including B2C2, FalconX, Fireblocks, Galaxy and Wintermute. In addition to onboarding at tZERO Securities, the special purpose broker dealer, and connecting to the platform via API, launch partners are helping accelerate adoption by referring key counterparties and integrating Lynq into their back-office workflows. The Lynq platform sets a new standard by delivering institutional clients instantaneous settlement capabilities while providing them with a mechanism to continually accrue interest. The growing industry support and continued momentum ahead of the July 15th launch reinforce the importance of building independent real-time settlement infrastructure for the benefit of the entire digital asset ecosystem. 'The digital asset community has been searching for a settlement solution that solves the challenges of market fragmentation and counterparty risk,' said Jerald David, CEO of Lynq. 'With Lynq, we are delivering a scalable and settlement utility that reduces friction, unlocks liquidity, and enables institutions to operate with full transparency.' Lynq was developed by Arca Labs, Tassat, and tZERO with the goal of creating a settlement platform that meets the industry's demand for liquidity, scale, and security while maximizing capital efficiency for all network participants. Lynq's innovative architecture leverages tZERO's Broker-Dealer and Special Purpose Broker-Dealer licenses, Arca's expertise in asset management, and Tassat's proven, real-time blockchain settlement platform. 'Digital asset markets are entering a new structural phase that will be defined by real-time settlement, regulatory clarity, and institutional-grade infrastructure,' said Katryna Hanush, Director of Business Development and Partnerships at Wintermute. 'Lynq's launch is a pivotal step forward in that direction. It combines the ability to earn interest during settlement with the security and trust of established financial partners. This is the type of solution the industry needs, and Wintermute is proud to support it.' Lynq's service partners include Avalanche, which provides the open-source Layer one blockchain network, and U.S. Bank, which serves as Lynq's qualified cash custodian. To learn more about Lynq or to inquire about onboarding for the launch, please visit About Lynq Lynq is a broker-dealer-operated real-time settlement utility. Developed by Arca Labs, Tassat, and tZERO Group, and supported by a syndicate of leading digital asset and TradFiinstitutions, Lynq offers clients a scalable and inclusive settlement service on a proven end-to-end platform. Built 'by the industry, for the industry,' Lynq delivers interest and transparent proof of reserves within a bankruptcy-remote architecture that minimizes counterparty risk. Lynq's patent-pending 'Yield-in-Transit' technology enables users to maximize earned interest even during settlement operations, driving unprecedented capital efficiency. For more information, please visit
Yahoo
30-06-2025
- Business
- Yahoo
Crypto Market Maker Wintermute Snags Bitcoin Credit Line From Cantor Fitzgerald
Wintermute, a digital assets-focused market maker and OTC desk, has attained a bitcoin(BTC)-backed credit line from Cantor Fitzgerald, following similar financing deals announced last month with Maple Finance and FalconX. Cantor said the newly launched Bitcoin Financing Business is expected to provide up to $2 billion in financing during its initial rollout. The size of Wintermute's deal with the investment bank was not disclosed. The lending and borrowing of crypto was taking place on an industrial scale several years back, but many of the firms involved either incurred heavy losses or were forced into bankruptcy as contagion spread through the industry. But Cantor's debut perhaps signals a new and more institution-friendly phase. Wintermute is currently expanding its presence in the U.S., where a groundswell of movement is happening in crypto trading under Donald Trump's pro-innovation administration. Institutional demand for digital assets such as bitcoin, stablecoins, and select high beta altcoins continues to accelerate, driven by catalysts such as ETF developments and shifts in interest rate environments, said Wintermute CEO Evgeny Gaevoy. 'Given the capital intensive nature of our operations, especially OTC trading, which involves managing settlement windows and maintaining capital across multiple venues, the facility enhances our ability to hedge risks effectively across exchanges and maintain broad market coverage,' Gaevoy said in an email. Sign in to access your portfolio
Yahoo
17-06-2025
- Business
- Yahoo
Polyhedra Blames Liquidity Attacks for Sudden 80% Price Drop in ZKJ, Promises Buyback
Polyhedra, a crypto protocol whose company reached unicorn status last year, is promising a buyback plan and additional steps to rebuild trust in the crypto community, days after its token fell more than 80% within minutes. 'Now we need to figure out the current situation and we need to prevent future financial attack,' founder Tiancheng Xie wrote in an X post earlier Tuesday.' 'We will buy back more,' Xie added. On June 15, ZKJ plunged from roughly $2 to just 32 cents in under an hour, losing nearly $500 million in market cap. An initial post‑mortem released in Asian morning hours laid out various factors resulting in the collapse, including a supposed coordinated liquidity attack on PancakeSwap's ZKJ/KOGE pool, substantial ZKJ deposits by market-making company Wintermute into centralized exchanges, and a cascade of liquidations on CEXs like Bybit. On-chain data reveals that several addresses had drained millions from the ZKJ/KOGE pool. One removed about $4.3 million in liquidity provider (LP) tokens and dumped 1.57 million ZKJ; others followed, unloading close to 1 million ZKJ each. When the shallow KOGE/USDT pool couldn't absorb the sell pressure, activity spilled over into the deeper ZKJ/USDT pool, triggering a liquidity spiral, the team claimed. Further pressure came from a Wintermute-associated address that deposited over 3.39 million ZKJ into centralized exchanges in the crash window, the team said. However, in an X post, Wintermute co-founder Evgeny Gaevoy said the team was selling spot and going long via ZKJ-tracked futures. As spot prices collapsed, roughly $94 million in leveraged long positions were liquidated between 12:00 and 14:00 UTC, including multiple six-figure margin calls that compounded the crash. To stem the hemorrhage, Polyhedra's team injected approximately $30 million in USDT, USDC, and BNB as DEX liquidity. It added that no ZKJ holdings belonging to the team were sold. Polyhedra affirms it's conducting a full technical investigation, and its upcoming buyback initiative aims to both offset the attack's impact and deter similar future exploits. Token prices rose by more than 50% following the release of the crash report, but all gains were reversed throughout the day, and prices are now up just 1.3% over the past 24 hours. Sign in to access your portfolio
