With participation + volumes rising, we're seeing greater dispersion as traders hunt for the next big move. Correlation among the top 100 assets has dropped to its lowest level in a year, and I expect this to show up in pockets of out-performance.

Crypto Week Special Session - Historic Wins & What's Next for US Digital Asset Regulation 🇺🇸🗽🏛️ @imyoungsparks hosted a 'Crypto Week' session with The Block's policy reporter @ForTheWynn_, @BlockchainAssn CEO @SKMersinger and Head of Policy and Advocacy at @wintermute_t, @RonwHammond, to discuss and the past, present and future of cryptocurrency legislation. OUTLINE 00:00 – Introduction 00:55 – NYC BitLicense 02:51 – Impact of SEC's Jay Clayton 05:45 – Operation Choke Point/2.0 09:34 – Decoupling Politics and Digital Assets? 12:48 – Importance of Lobbying 15:29 – Democrat Interest in Crypto 18:20 – Shifting bipartisan attitudes 21:11 – Recent Legislative Votes 25:44 – Challenges to Bipartisan Support 28:32 – Next up at the Senate 34:43 – CFTC's Role 37:46 – Trump’s impact 42:11 – The merging of crypto and tradfi 45:05 – USD Hegemony 48:02 – Conclusion

Meet @tristan, who helped build @Backpack from the ground up Now mentoring the next wave of builders at Wintermute Construct Learn from someone who’s actually done it Apply now before applications close:

Market color by Wintermute OTC desk – 21 Jul 2025 SOL leads morning rally as institutions move back to neutral ╰ Weekend's standout flow: $23M premium for BTC 26DEC25 140K/200K call spread ╰ Week ahead: Powell speech Tuesday, flash PMIs Thursday, focus on flows

Our CEO @EvgenyGaevoy goes live on @CNBC in 30 minutes to discuss the GENIUS Act becoming law, its implications for crypto, and more 🔔 Tune in at 5:30pm ET:

A lot happening on the Hill right now, so catch the latest with @paulbarrontv!

The crypto market just hit an inflection point Institutional and retail crypto strategies diverged for the first time since the last bull market Our 1H2025 market outlook shows how this split is reshaping everything from trading patterns to sector flows ↓

Market color by Wintermute OTC desk – 14 Jul 2025 BTC hits new ATH above $122K triggering $435M short liquidations ╰ 3-month basis climbs to 7.3% as Crypto Week brings regulatory clarity bills ╰ Week ahead: Clarity Act, Anti-CBDC Act, GENIUS Act up for discussion

Market round-up by Wintermute OTC desk – 11 Jul 2025 BTC surges to new ATH at $118K, triggering $1B short liquidations ╰ BTC futures lead with $590M cleared, dominance pulls back from 65% to 63.5% ╰ Small caps rally 11.3% as tariff escalation continues with 35% Canada rate

RT @EvgenyGaevoy: Wintermute OTC desk fastest in class!