Moshe

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.

"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! 📢 x.com/i/spaces/1jMJg… 🗞️m.theblockbeats.info/news/59937 #DATs #BTC #BitcoinTreasury $DDC

@jerome_ @moshaikh @neilhar @alextang LFG kings 👑

🚀 Today, @moshaikh @neilhar @alextang & I launch Maximum Frequency Ventures (MFV) - a $50M operator-led crypto company-creation engine and venture fund. This is personal for me. I’ve spent my career moving between the discipline of institutions and the chaos of startups, and every stop along the way taught me lessons I wish more founders had access to.

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

LIVE: 🇭🇰'Why Global liquidity will flow into #Bitcoin' @MShenWM & @Jack_Yang_LTP w/ @borjamartels #BitcoinAsia2025

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

@cheryldchan @KaminoFinance @solana Congrats 👑 ! LFG

1/ Excited to announce I’m joining @KaminoFinance, the leading credit layer on @Solana. Institutions are gearing up to enter crypto at scale—and Kamino is perfectly positioned. 🧵👇

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 trade@wintermute.com

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

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

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

@wintermute_t @token2049 @EvgenyGaevoy @MShenWM @maybe_ayt @JO_wintermute same barber shop?

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 ↓

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 wintermute.com/insights/views…

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

@Punk9277 @hotpot_dao @hosseeb gkaito

@hotpot_dao @hosseeb gkaito

people these days often bash VCs, but i see dragonfly as one of the most long-term-oriented players in the space case in point - @hosseeb was recently vocal about how locked tokens shouldn’t be allowed to stake (even though this could be perceived as directly hurting their interests) not a direct result, but this resonates with us completely. so, none of the locked $KAITO from investors/foundation/team can be staked separate point - back in 2022, we were an equity-based business, so raising directly from the community was tough (everyone wanted to invest in tokens) despite VCs not having the best time right now, i think we’re hitting an inflection point - they remain one of the most important players in the industry, constantly injecting new capital into the space imo, the problem of high FDV at launch wasn’t caused by VCs - for a long time, everyone followed the same playbook: raise big -> TGE why? because pricing nascent assets was difficult, so we had to rely on the private market gladly, i’m already seeing this start to change some of you may have noticed - $KAITO only has an 8.3% allocation to VCs, one of the lowest in the space (typically 15-30%) that’s because we never raised a big round we raised what we thought was enough and stayed laser-focused on cash flow from day 1 this mentality shaped everything - we constantly push ourselves to validate business model viability and sustainability and it’s this mindset that helped us reach a healthy financial position, where our annual net cash flow today is already higher than all the capital we’ve ever raised ultimately, we believe fundamentals matter, and our product determines our value we’re grateful that kaito - an application, not an L1, not a (typical) exchange, with a new concept and no real comps - is seeing support from the market again, @0xsudogm - thank you for seeding kaito. thank you for believing in us and giving us the first dollar to help bring our vision to life

price discovery and market neutrality: if you understand both, you will never be confused by a market maker's onchain activity

📚 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 ⤵️

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. bloomberg.com/news/articles/…

This. 💯 Great recap from Legend