Wintermute

Wallets labeled as tied to the FTX bankruptcy estate and Alameda Research transferred as much as 27,373 ether to crypto market maker Wintermute. Onchain data has not confirmed a sale, hedge, or direct connection to creditor repayments.

Bitcoin’s move back above $80,000 has reopened a popular market-neutral yield strategy for large crypto trading firms. Onchain and derivatives data show major players using spot holdings and short perpetual futures to collect funding rather than make a pure directional call.

Crypto investors are increasingly judging tokens by usage, revenue, adoption and value capture rather than simple market-cap rank. Executives say the shift is especially visible among wealth managers and institutions assessing projects over longer time horizons.

Wintermute is preparing a major expansion into traditional markets as crypto trading activity cools. The firm aims for noncrypto markets to generate more than half of revenue by the end of 2027, compared with 10% now.

A balanced portfolio backtest shows bitcoin exposure can lift returns in strong crypto regimes while also deepening volatility and drawdowns. FXCOINZ examines why allocation size, trend discipline and investor behavior matter for institutions considering BTC.

Wintermute predicts U.S., China, UAE, and Europe may adopt strategic Bitcoin reserves.