Jasper De Maere

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

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

We've theorized for a while that equity markets are where retail's spending more time at the cost of crypto. Taking newly published data from JP Morgan's retail flow and overlaying it with our in house OTC data not only confirms this idea but also shows that crypto and equity have become substitute risk-assets for retail investors. It's unlikely that any type of altcoin run materialises until retail activity in equity markets slows down

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Looking at the consistent positive deltas in aggregated BTC orderbooks during this strong selloff, the entire move feels like forced deleveraging with panic selling as offers are eating through a wall of bids faster than it can provide support

The U.S. is clearly diving the market. As long as this CB $BTC discount exists, we're not going anywhere

Options activity via our OTC desk more than doubled in 2025 More counterparties now use options for portfolio management instead of directional bets The focus shifted to systematic strategies for yield generation, downside protection, and hedging