When Crypto Gets Dumped, It’s Not Always Our Fault 🙃 – Wintermute CEO

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So, here’s the tea 🍵: Wintermute’s boss, Evgeny Gaevoy, says that over $2 billion in crypto went down the drain because of some TradFi drama, not because crypto folks decided to party too hard 💃🕺.

On Feb. 3, when Trump 🦅 decided to play tariff wars with China, Canada, and Mexico, $2.24 billion of crypto vanished faster than your New Year’s resolutions. Ouch! 🤕

Crypto traders, you know the drill: blame the market makers for causing chaos to scoop up deals. But Gaevoy says, “Nuh-uh! The last two crashes were all thanks to TradFi shenanigans 🎩.” DeepSeek and Trump’s tariffs took center stage, leaving crypto in the wings 😭.

Guess what? Analysts agree, saying, “Hey, there’s a trade war brewing, and crypto’s feeling the heat 🔥.” Ryan Lee from Bitget Research adds, “Yeah, Trump’s announcement didn’t help, either.”

When Bybit’s CEO, Ben Zhou, guessed crypto liquidations hit $10 billion, everyone felt the pinch 💸.

Wintermute: We’re Not the Bad Guys, We Swear!

After the market hiccup, some accused big crypto players of dumping assets to make a quick buck. Gaevoy had to clarify, “We don’t manipulate prices, promise! Hunting for stop losses? Too risky for us, but maybe we missed out 🤔.”

“Our onchain moves are simple: just shifting inventory between exchanges that ran dry. Nothing fishy going on here 🐠,” Gaevoy assured.

Market makers keep things smooth, but they’re not immune to market blues. In August 2024, top market makers unloaded 130,000 ETH worth $290 million while ETH prices took a nosedive 🤯.

Wintermute led the pack, selling 47,000 ETH, followed by Jump Trading and Flow Traders. Blockchain sleuths at Scopescan caught the action 🕵️‍♂️.

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2025-02-03 18:58