Wintermute Reports 400% Surge in OTC Crypto Trading Volumes for 2023
Wintermute, a crypto market maker and liquidity provider, has announced a remarkable 400% increase in over-the-counter (OTC) trading volumes for the year 2023. Despite the challenges faced by crypto exchanges throughout the year, Wintermute’s OTC trading volume has quadrupled.
In their latest report on OTC performance, Wintermute attributed this surge to various factors, including a renewed optimism in the market driven by expectations for spot ETF approval. They also emphasized their focus on building out their OTC business, expanding capabilities, and introducing new product offerings during a period when the markets were relatively stable.
Transition from Traditional Exchanges to OTC
The report highlights the transition from traditional exchanges to OTC volumes. While overall volumes on exchanges declined by approximately 13% in the second half of 2023 compared to the first half, Wintermute experienced significant growth of over 400% during the same period.
The first half of 2023 saw a decrease in Wintermute’s OTC volumes, but the second half witnessed a tremendous boost that resulted in a fourfold increase in total volume. The number of trades grew by over six times, with more than 29 million trades conducted during this time. Wintermute also reported its largest OTC volume week, surpassing $2 billion.
Expansion of OTC Business
Wintermute CEO Evgeny Gaevoy highlighted the expansion of their OTC business as a key driver of growth. This expansion involved refining their derivatives offering and aligning their product suite with increased demand observed for these products.
Hot Take: Wintermute Leaps Ahead with Impressive OTC Performance
Wintermute’s outstanding 400% surge in OTC crypto trading volumes for 2023 showcases their ability to thrive in a challenging market environment. Despite the overall decline in exchange volumes, Wintermute successfully transitioned to OTC trading and experienced remarkable growth in the second half of the year. This achievement is a testament to their strategic focus on expanding their OTC business and meeting the demands of traders. Wintermute’s performance positions them as a leading crypto market maker and liquidity provider, setting them apart from traditional exchanges. With their continued dedication to innovation and product offerings, Wintermute is well-positioned for further success in the evolving crypto landscape.
By
By
By