OTC Trader @wintermute_t Ex @MorganStanley My views are my own.
London, England
Joined July 2021
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A lack of fresh liquidity is the reason why rallies have been short-lived and why breadth has narrowed
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
ALT Stablecoins, ETFs, and DATs: Changes in supply and NAV
RWAs look like the prime candidate to pull liquidity into crypto during the next bull market.
With flows in other avenues like ICOs, VC investments, ETFs and DATs having normalized after their initial wave, we likely need something else carry the next leg up.
RWAs tick the boxes.
BTC has never printed a green August and a green September in the same year
Just putting it out there...
Jasper De Maere retweeted
Alpha Challenge is back
No leaderboard this year, just you and the problems, each one taken from something that actually happened onchain
8 tasks and a warmup
Jasper De Maere retweeted
New: @wintermute_t plans to invest about $1 billion in high-frequency trading and AI data center infrastructure over the next five years, as the market maker looks to diversify into traditional markets following a slump in crypto
bloomberg.com/news/articles/…
Jasper De Maere retweeted
Good morning, USA 🇺🇸
Wintermute USA is now an SEC-registered broker-dealer and FINRA member (finra.org)
The registration marks Wintermute's entry into U.S. regulated markets and strengthens our coverage of institutional counterparties in the region
Jasper De Maere retweeted
Who runs crypto now?
Our 1H26 OTC report shows institutions now drive 72% of our spot flow, up from 59% a year earlier, and it's damping crypto's volatility
@business on our data and findings ↓
bloomberg.com/news/articles/…
Jasper De Maere retweeted
Retail used to set the pace in crypto
In the first half of 2026, institutions took over our OTC flow
What that shift means for volatility, token selection, and derivatives, in our latest report built on Wintermute's proprietary OTC data ↓
