Moshe

Asia BD @wintermute_t, crypto native algorithmic trading firm, ex tradfi

[Brian @BrianInCrypto]

a couple thoughts from a former high frequency trader:

1. Good market makers made a killing yesterday. Profit is correlated to volatility and volume. And it’s non-linear: profit increases dramatically with vol.

2. Market makers like @wintermute_t, @jump_ are the reason why there is even liquidity to trade at all. Liquidity provisioning is not an easy job. Do you want to take the opposite side of every trade? Especially, in the insider-trading heavy world of crypto?

3. A question I keep seeing: How does the market go down if no one is selling? This is a fundamental misunderstanding of how markets work. If there are no bids, the asset price goes immediately to 0. No one has to sell, you just have to run out of buyers.

4. Not all market makers are created equal. There are many crypto trading firms that label themselves as “market makers”, but in fact they act more like OTC desks. Market making means placing bids and offers to provide liquidity to markets while remaining delta neutral. Anyone who is not doing this, but calling themselves a market maker is lying.

5. A question I’ve been pondering: Is it possible to implement circuit breakers in crypto? When a US stock falls 7% in a day it enters into a 15 minute trading halt. This is possible because there are only so many US stock exchanges (centralized). This prevents stocks from cratering to 0 and allows liquidity to come in on the bid side. Unclear to me how this is possible without centralization. You can’t be the one exchange that pauses trading.

[ddcbtc @ddcbtc_]

"Not all treasury companies are created equal… As the market evolves, companies take different approaches to creating and generating shareholder value from their Bitcoin holdings," says @ddcnorma.

Missed the panel? Catch Norma, @YeJuliet8482, @MShenWM, and @DonnyChiJP sharing insights on the next phase of DAT development amid recent market volatility.

Thank you @blockbeatsasia for hosting this insightful discussion!

📢 https://t.co/RyBOmiVjao
🗞️https://t.co/FClEnAmpOp

#DATs #BTC #BitcoinTreasury $DDC

[Moshe @MShenWM]

@jerome_ @moshaikh @neilhar @alextang LFG kings 👑

[Wintermute @wintermute_t]

Annyeong Seoul! 🇰🇷

Our BD team will be heading to @kbwofficial

Meet them to discuss OTC trading and partnership opportunities, or catch up over some Korean BBQ!

DM @YoannTurpin1 @MshenWM @senri_xyz to schedule a meeting

#KBW2025

[Roxom TV @RoxomTV]

LIVE: 🇭🇰'Why Global liquidity will flow into #Bitcoin'
@MShenWM & @Jack_Yang_LTP w/ @borjamartels

#BitcoinAsia2025

[Anthony Pompliano 🌪 @APompliano]

Wintermute is one of the most successful companies in the bitcoin and crypto industry.

Now @EvgenyGaevoy is coming to the United States as they expand their ambition to take on the largest market-makers on Wall Street.

Everyone is talking about legacy finance firms coming to crypto, but more people should talk about the crypto firms stealing market share from the legacy firms.

Enjoy!

TIMESTAMPS:
0:00 - Intro
1:20 - Who is buying bitcoin right now
8:49 - Other popular assets and derivative products
12:40 - Evgeny’s journey into Wintermute
22:01 - How Wintermute plans to grow, regulation, stablecoins
32:40 - Future plans for Evgeny

[Moshe @MShenWM]

@cheryldchan @KaminoFinance @solana Congrats 👑 ! LFG

[Wintermute @wintermute_t]

Wintermute OTC desk supports USD1 by @worldlibertyfi

You can now trade it via:

╰ API – streaming and RFQ pricing
╰ Chat – all popular messaging apps

Reach out to our OTC team at [email protected]

[Wintermute @wintermute_t]

Wintermute is officially on the ground in the US

With 2,500 counterparties globally, we're already one of the biggest players in the US market

Now we’re excited to share that we’ve opened a New York office and brought on @RonwHammond as Head of Policy and Advocacy

[Wintermute @wintermute_t]

We’re heading to @token2049 Dubai!

Meet @EvgenyGaevoy @MShenWM @maybe_ayt @JO_wintermute and team to explore liquidity provision, OTC trading, and partnership opportunities

📥 Reach out to schedule a meeting

[Moshe @MShenWM]

@hotpot_dao @wintermute_t @token2049 @EvgenyGaevoy @maybe_ayt @JO_wintermute

[Wintermute @wintermute_t]

Catch our OTC trader @JO_wintermute live with @davidbrickell80 and @options_insight in Dubai on 1 May, recording a special edition of Deribit’s podcast series at TOKEN2049

Don’t miss it ↓

[Moshe @MShenWM]

Great to panel a discussion with Julie @ GSR and Alex @yzilabs for Class BNB MVB 9 in HK.
Super pleased to see a strong group of builders on BNBChain #InsideMVB
Thank you @BNBCHAIN and @_yangcindy for the invitation!

Tldr :
- role of Trading Firm is to provide passive liquidity across venues and enable price discovery, allowing tighter prices with lower volatility
- for founders - it is never too early to find and speak to one of us - don't leave to last minute!
- be aware of the roles different firms play in crypto, including these days how they view venture investments. The 2018 article from @EvgenyGaevoy is still very relevant in today's market

https://t.co/wqZ5I2wOld

[Wintermute 中文 @wintermute_zh]

与 @wintermute_t 的开户、交易和结算流程，如今更高效顺畅！

全新升级的 Wintermute NODE 正式上线：我们的一站式场外交易（OTC）平台，全面覆盖交易全生命周期

→→→ 想了解更多？欢迎联系我们的业务拓展团队 @MShenWM @senri_xyz

[Moshe @MShenWM]

@Punk9277 @hotpot_dao @hosseeb gkaito

[Yo 🇸🇬 @YoannTurpin1]

price discovery and market neutrality:

if you understand both, you will never be confused by a market maker's onchain activity

[Wintermute Intern @crypto_wintern]

📚 Intern weekend reads: AI agents edition

AI agents aren’t new in Web2, but they’re making waves in crypto

Some reads to understand this narrative ⤵️

[Jake O @JO_wintermute]

Late last week, large Iron condors traded in both majors for 25OCT24 expiry. These structures represent a bet that Bitcoin will remain between $60,000 - $70,000 between now and expiry, and ETH will would trade between $2,200-$2800.

Despite the rally in spot, it seemed a sub-set of the market did not expect fireworks in the build-up to the election, especially whilst both parties had diverging views regarding #Crypto.

Markets are forward discounting -If Harris really has shifted her view (TBC) and the Democrats can convince the market of a commitment to prioritising digital assets, this removes a large headwind that had been looming over the sector ahead of November's election.

https://t.co/pwdZdklTEg

[Moshe @MShenWM]

This. 💯
Great recap from Legend

[Solana Legend 🎒💧 @SolanaLegend]

0) Reflections from Korea & Singapore

Key takeaways after meeting with stakeholders around the ecosystem

East and West crypto players need each other in ways that are not self-evident.