Wintermute

📈 Market update – 1 December 2025 ‣ BOJ rate-hike shock erased last week’s stabilisation and triggered broad deleveraging. ‣ Market structure has reset cleanly with lower leverage, neutral funding, and stronger spot participation. ‣ Everything trades macro, alt strength fades quickly, but majors now look less fragile. Read more ↓

We’re heading to Binance Blockchain Week! Meet Yong Zuo Goh 吴镕佐 Goh in Dubai to discuss OTC trading, liquidity provision, and partnerships. See you there!

We're back on campus for recruiting season! Last week we visited University of Cambridge and Imperial College London. On Thursday, our Algorithmic Trader Anthony Shin, a Cambridge alumnus, presented to the Cambridge Blockchain Society on liquidity provision on centralized crypto exchanges. The next morning, our DeFi Developer Raghav K. joined Matt Styles to sponsor and attend the Capture The Flag competition, part of Imperial Computing's Principles of Distributed Ledgers Module. Congratulations to the prize winners. Great turnout from students exploring our graduate and internship opportunities across Quant Research and Algo Trading. We enjoyed sharing more about our work in trading and research. →→→ Interested in roles for next summer? Check our careers page: https://lnkd.in/dVmpsxr #crypto #internship #digitalassets

📈 Market update – 24 November 2025 ‣ AI-led equity momentum finally cracked, triggering a broad risk-off rotation that dragged crypto below $3T and left it the worst-performing major asset class for a third straight week. ‣ Macro added pressure with softer labour data, falling rate-cut odds, and Japan’s bond/FX stress pushed global sentiment lower into a thin holiday liquidity backdrop. ‣ Crypto positioning has reset meaningfully, with funding turning neutral/negative, cleaner leverage, and firm spot volumes improving conditions for consolidation once macro stabilizes. Read more ↓

Wintermute has joined CryptoUK as a member Ron Hammond, Head of Policy and Advocacy at Wintermute: "Having worked at a trade association before, I understand the importance of having a united voice for the industry when advocating to policymakers. CryptoUK has built a fantastic team and policy effort in the UK, and Wintermute is adding our voice to the already strong membership." With policy discussions and actions taking place at the FCA, HM Treasury, and Parliament, a collective industry voice matters. We're looking forward to partnering with CryptoUK on the policy work shaping the future of digital assets in the UK.

Bitcoin falls below $87,000 for the first time since April Our Head of OTC Trading Jake Ostrovskis shares with Bloomberg News "Uncertainty lingers over how the Federal Reserve will set policy in the current data vacuum, and that uncertainty is suppressing investors' willingness to take on risk.". 🔗 Full article: https://lnkd.in/gV9TZsVc

Wintermute is growing the U.S. team with four senior appointments ‣ David Micley joins as Head of U.S. Business Development, bringing institutional relationship expertise from Bridgewater Associates and Floating Point Group. ‣ Dmitry Kotov, Esq. joins as Lead U.S. Counsel. He previously served as Deputy General Counsel at EDX Markets and Associate Counsel for the MIAX Exchange Group. Branch Johnson joins as Managing Director, Business Development. Johnson is a traditional finance veteran who previously held leadership roles at Hidden Road (acquired by Ripple for $1.25 billion) and Bank of America Merrill Lynch. Matthew Pizzo joins as Chief Compliance Officer with over 13 years of experience in compliance and legal oversight across trading and technology firms. He previously served as Compliance Officer at Tower Research Capital and Principal Regulatory Specialist at Amazon Web Services. We’re excited to enter the next phase of our U.S. growth with new appointments in place. → Read the full announcement: https://lnkd.in/d_WzStKE #crypto #digitalassets #trading #finance #USmarkets #newhires