#May CPI Incoming#
This Wednesday, the U.S. will release May CPI data — a key test for rate cut expectations. Cleveland Fed forecasts 2.4% YoY CPI (up from 2.3%), with core CPI flat.
💬 If inflation beats expectations, will the Fed still cut in June? Will you stay on the sidelines or take early action?
#Tech Giants Eye Stablecoins#
Apple, Google, Airbnb, and X are in talks to integrate stablecoins into their payment systems, aiming to cut fees and streamline global payments. Following Circle’s IPO surge, stablecoins are quickly gaining traction across tech and finance.
💬 Could stablecoins be
Wintermute OTC: 2024 in review & 2025 outlook
Wintermute OTC: 2024 in review & 2025 outlook
17 JAN 2024 | VIEWS | 8 MIN READ
Crypto’s market structure transformed in 2024, fueled by institutional-grade products, deeper market liquidity, and increased regulatory clarity. The SEC’s approval of spot Bitcoin and Ethereum ETFs, alongside growing bipartisan support for crypto frameworks, removed key barriers for traditional finance players, driving unprecedented institutional engagement and capital inflows.
This institutional shift was reflected in Wintermute’s OTC desk activity, which experienced similar momentum. We took a closer look at the trends shaping the market in 2024 to identify patterns likely to extend into 2025. Here’s a snapshot of some key highlights:
Wintermute’s OTC volumes grew by 313%, outpacing the 142% increase in overall crypto exchange volumes
300+ new unique pairs were traded for the first time
Average trade size rose 17%, reflecting a shift toward larger institutional block trades
Traditional financial institutions’ OTC volumes grew 240%
Derivatives volumes grew over 300% with CFDs capturing 4.3% of Wintermute’s total OTC volume within just nine months
These shifts reflect a broader trend of deepening institutional participation and a maturing market structure. More institutions are turning to OTC trading to reduce market impact and avoid capital inefficiencies tied to holding assets on exchanges. Their growing participation is also reshaping counterparty dynamics and increasing competition, making OTC markets an increasingly important venue for institutional crypto trading.
Institutional adoption is expected to accelerate in 2025, reinforcing the need for scalable liquidity solutions, evolved derivatives markets, and efficient trade execution. Macro trends and regulatory clarity will shape execution strategies and drive further convergence between crypto and traditional financial markets.
Read Wintermute OTC 2024 in review or more insights into the trends. We also made some bold predictions for 2025 that you won’t want to miss.
Disclaimer: The article above and attached report does not constitute a financial promotion or an invitation to engage in investment activity. This contains general information and is not a recommendation to act. The information contained within this document is being directed at sophisticated professional investors and is not intended for retail customer use. All references to and discussions of derivative products are made solely by or on behalf of Wintermute Asia Pte Ltd (“Wintermute Asia”).
Information contained herein was obtained from sources believed to be reliable, but is not guaranteed. Any opinions or estimates expressed herein reflect a judgment made by Wintermute as of the date of publication, and are subject to change without notice. Neither this material nor any copy thereof may be taken, reproduced or redistributed, directly or indirectly, without prior written permission of Wintermute.