Jasper De Maere

Desk Strategist & OTC Trader @wintermute_t | quant & fundamental crypto research | macro | derivatives & flow.

Ex @MorganStanley

My views are my own.

[Jasper De Maere @Jjay_dm]

A lack of fresh liquidity is the reason why rallies have been short-lived and why breadth has narrowed

[Wintermute @wintermute_t]

Liquidity drives crypto cycles, and now, the money has stopped flowing in

Stablecoins, ETFs, and DATs have grown from $180B to $560B since early 2024, but momentum has slowed

Capital is rotating internally, not entering fresh → rallies die fast and breadth keeps narrowing

[Wu Blockchain @WuBlockchain]

Wintermute: Long-Term Funds Are Buying BTC in OTC Tranches

Wintermute, a leading crypto market maker and OTC desk, said crypto has failed to follow the broader risk-asset rally for two straight weeks, as about $2 billion flowed out of BTC and ETH ETFs while fresh capital moved into AI stocks and small caps. The firm said long-term funds have started buying BTC in batches through OTC desks, seeing current levels as attractive on an 18-month horizon, with key downside support around $60,000 to $65,000. https://t.co/cWspkCjeqQ

[Wintermute @wintermute_t]

https://t.co/isp8QOooA3

[Wintermute @wintermute_t]

Prediction markets are emerging as a distinct asset class, pricing probabilities on events that traditional markets don't capture cleanly

Wintermute is now providing liquidity on event contracts across leading venues

[Wintermute @wintermute_t]

https://t.co/ZwRm4FGiRv

[Wintermute @wintermute_t]

https://t.co/gga7daPKYh

[Wintermute @wintermute_t]

https://t.co/znFUiLOTYo

[Wintermute @wintermute_t]

https://t.co/cWTfVJPuUS

[Wintermute @wintermute_t]

https://t.co/LCp0TKCOoZ

[Wintermute @wintermute_t]

https://t.co/v6qpAdPxMY

[Wintermute @wintermute_t]

https://t.co/sSoYj167nN

[Wintermute @wintermute_t]

https://t.co/RODTJMPkiF

[Wintermute @wintermute_t]

https://t.co/l80wrxbqEi

[Wintermute @wintermute_t]

24/7 access to the world's most liquid energy benchmark

Crude oil CFDs are now live via Wintermute Asia’s OTC desk, with:

‣ Leveraged WTI exposure
‣ Weekend and holiday trading
‣ Zero-fee execution
‣ Fiat and crypto collateral
‣ Chat, NODE, and API access

[Wintermute @wintermute_t]

https://t.co/h8yYdbIbGI

[Wintermute @wintermute_t]

https://t.co/EHtLvqmW2n

[Wintermute @wintermute_t]

https://t.co/oAF7vOuLK2

[Wintermute @wintermute_t]

https://t.co/lmvmNdLOza

[Wintermute @wintermute_t]

https://t.co/ObGiUA1UlF

[Wintermute @wintermute_t]

If you want to properly understand how crypto works, start here

Big kudos to @lawmaster and Wintermute’s @FrankResearcher and @emparedad0 for pulling this together

Our research team was glad to contribute, as we’ve felt for a while that something like this was genuinely needed