Wintermute’s OTC Trading Volume Rose 400% Last Year

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In the latter half of 2023, Wintermute, a market maker, experienced a 400% rise in over-the-counter trading volume compared to the first six months.

However, during the same period, there was a 13% decline in trading in the exchange segment.

Despite the stagnant market, Wintermute achieved several successes, including reaching a weekly trading volume of over $2 billion and a 98% increase in counterparties over the year.

Additionally, the company supported 206 assets and traded 495 pairs. CEO Evgeniy Gaevoy attributed the decrease in trading in the exchange segment to market slowdown and liquidity depletion, which led to a shift in traders’ interest towards the OTC segment.

He also pointed to the company’s introduction of new derivatives offerings as a key factor contributing to its growth in the latter half of the year.

In addition, Wintermute noted an increase in the share of payment tokens in trading volumes, with XRP experiencing a rise after the partial settlement of a lawsuit between the SEC and Ripple. Meme coins also saw a rise in percentage of trading volumes during this period due to the market’s hype.