ย ย
On the occasion of its fifth anniversary, Bybit has achieved a number of notable firsts, such as reaching 20 million users, presenting its web3 vision, and gaining institutional support for ETH and BTC. Despite the rise of cryptocurrency exchanges, it is still difficult to find experienced liquidity providers. Market leaders like Wintermute are even more important in the post-FTX environment.
Wintermute has made a calculated strategic move into Singapore, enhancing its position as a major player in liquidity provision. Additionally, Wintermute Asia made its first options block trade on CME, demonstrating its dedication to development and innovation.
Although the cryptocurrency community is still feeling the effects of the FTX crisis, it marked a turning point for established players trying to stand out and make their way in the exciting but unpredictable market. The vitality of the cryptocurrency market depends largely on liquidity providers, but because their off-exchange data is not available, many of their actions are hidden from view.
As they reflect on the past year and talk about their ambitious expansion plans, we now have the opportunity to hear directly from Ben Zhou, Co-Founder and CEO of Bybit, Eugene Cheung, Institutional Director of Bybit, and Yoann Turpin, Co-Founder. founder of Wintermute.
Important conclusions:
- According to Ben Zhou, professional options trading will prosper.
- Now formally in Singapore, Yoann Turpin shares his insights as a former TradFi options trader and offers hope for the future of cryptocurrency options trading.
- According to Eugene Cheung, Bybit has started an OTC pilot program.
In addition to the recent price surge, there is growing evidence that the cryptocurrency market is experiencing a strong rally. Spot trading volume on CEXs increased for the second consecutive month, reaching $965.8 billion, an increase of 52.8% and the highest spot trading volume since March 2023, according to CCData's December Exchange Review. Additionally, the volume of derivatives traded on the CME market increased by 18.4% to $67.9 billion, the highest since November 2021.
Wintermute and Bybit began collaborating in July 2021, the same month Bybit's spot trading platform was introduced. The two companies are now working even more closely to manage the challenging and tumultuous crypto landscape, as their cooperation has successfully survived the ups and downs of the cryptocurrency market.
Liquidity providers like Wintermute should reduce the possibility of currency failures. Yoann highlights how much Wintermute values โโits partnership with Bybit and how the caliber of the projects, tokens and reputation of the team are valued more than CEX sales and business development initiatives. Bybit's โrobust and stable back-end technology platformโ is excellent, according to Wintermute. Global merchants have also benefited greatly from Bybit's early implementation of a Unified Merchant Account (UTA) for consumers.
What will come in the new year?
According to Eugene, Bybit has started an OTC trading pilot program, which is a big step that will improve cooperation between the two companies and expand the potential of the ecosystem in the long term. For over-the-counter (OTC) business, Bybit sees many opportunities in derivatives and options, starting with OTC spot trading.
Ben emphasizes in his final words that although total permanent leverage is expected to decline next year, cryptocurrency options will become more popular as more experienced options traders join the market. Since the last bull run, the options market has undergone a fundamental transition, and the options ecosystem and major CEXs will grow rapidly. After the turmoil encountered, Bybit's latest entry in the Earn Product field also heralds a new chapter.
Finally, it is imperative to carefully monitor regional trends and policies regarding cryptocurrencies and digital assets. It is recommended to look at places like Singapore, Hong Kong, Japan, and the United Arab Emirates because cryptocurrency adoption is increasingly reliant on unambiguous regulations. Companies are moving to Asia, a region with rapid economic growth, on the theory that regional rules will increase demand. Cointelegraph Research's market maker regional distribution database indicates that Singapore now leads the pack, followed by the US, Hong Kong and the UK.
