ETH price action looks weak, but I'm not sure the demand story is as clean as the chart makes it look
You can have short-term distribution and still have longer-term capital moving in. That divergence is probably more important than whether ETH loses one specific level this DWF recap is worth reading:
https://t.co/r2gMPMm8O2
longer thought on where this is going
the first era of crypto market making was about speed and inventory you needed capital, infrastructure and a risk appetite most funds didn't have
that edge is thinning. execution is table stakes, spreads are compressed, and every serious venue has multiple providers competing for the same book
the next edge is institutional access, and institutional access is gated by licensing you don't get to serve a regulated fund, a tokenized treasury issuer or a bank-adjacent counterparty on a handshake and a good track record
so BVI VASP plus a Dubai NOC plus a pending broker-dealer license reads to me less like compliance overhead and more like the actual moat being built
it's slow, expensive, unglamorous, and it can't be copied in a quarter by someone with better latency
the firms that spent this cycle collecting approvals are the ones that get the call when tradfi finally shows up in size
DWF Labs is now a registered Virtual Asset Service Provider (VASP) in the British Virgin Islands.
This expands our regulated footprint and unlocks OTC trading, market making, and ecosystem services for institutional clients, all through a BVI-regulated entity.
Read more. Link in comments.
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