Wintermute Reports Heavy U.S. Selling During Crypto Market Downturn

The market maker cites internal OTC flow data showing strong U.S. sell pressure, compounded by ongoing ETF redemptions and a persistent Coinbase premium discount.

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Terms & Concepts
  • OTC (over-the-counter) trading: Direct trading between parties without using a centralized exchange, often used by institutions for large transactions.
  • ETF redemption: The process where investors sell shares of an exchange-traded fund back to the issuer, reducing the fund’s assets under management.
  • Coinbase premium: The price difference for cryptocurrencies on Coinbase compared to other exchanges, often used as an indicator of U.S. retail demand.