Crypto Market Makes a Strong Comeback, Bybit and Wintermute Leadership Optimistic on Options Trading

DUBAIUnited Arab Emirates, December 28, 2023 /PRNewswire/ -- Bybit, in its fifth anniversary, has achieved several important milestones, including surpassing 20 million users, launching its web3 vision, and gaining institutional preference for BTC and ETH. Despite the growing number of crypto exchanges, there remains a shortage of experienced liquidity providers. In the post-FTX era, market leaders like Wintermute play an even more crucial role.

Recently, Wintermute made a strategic move to Singapore, further consolidating its position as a giant in liquidity provision. Wintermute Asia also completed its first options block trade on CME, demonstrating its commitment to innovation and growth.

While the FTX crash continues to ripple through the crypto industry, it serves as a turning point for established players to distinguish themselves and navigate a promising but volatile market. Liquidity providers are the lifeblood of the cryptocurrency market, but their operations have often been shrouded in secrecy due to the unavailability of their data off-exchange.

Now we have a chance to win first hand knowledge of Ben Zhouco-founder and CEO of Bybit, Eugene CheungHead of Institution at Bybit, and Yoann Turpinco-founder of Wintermute, as they review the past year and discuss their prospective growth strategies.

Key takeaways:

• Ben Zhou believes that professional options trading will prosper.
• Yoann Turpinofficially in Singapore Now, he brings his experience as a former TradFi options trader and expresses optimism about the future of crypto options trading.
• Eugene Cheung reveals that Bybit has started an OTC pilot program.

Aside from the recent price surge, there is growing evidence that the cryptocurrency market is experiencing a strong resurgence. According to CCData's December Exchange Review, spot trading volume on CEX has increased for the second consecutive month, reaching $965.8 billion – an increase of 52.8% and the highest spot trading volume since March 2023. Derivatives trading volume on the CME exchange also increased by 18.4% to 67.9 billion dollarsmarking the highest volume since November 2021.

Bybit and Wintermute started working together on July 2021, coinciding with the launch of Bybit's spot trading platform. This partnership has successfully weathered the ups and downs of the cryptocurrency market, and the two companies are now collaborating even more closely to navigate the turbulent and turbulent cryptocurrency landscape.

For liquidity providers like Wintermute, mitigating the risks associated with currency failures is crucial. Yoann emphasizes that Wintermute highly values ​​its collaboration with Bybit and prioritizes the quality of the projects, tokens, and reputation of the team over sales and business development efforts of the CEXs. Wintermute calls Bybit's "robust and stable back-end technology platform" impressive. Additionally, Bybit's early adoption of a Unified Merchant Account (UTA) for customers has been essential for global merchants.

What to expect next year:
Eugene reveals that Bybit has launched a pilot program for OTC trading, an important milestone that strengthens the collaboration between the two companies and expands the horizons of the ecosystem in the long term. Bybit sees great potential in derivatives and options for OTC businesses, starting with OTC spot trading.

In his closing remarks, Ben emphasizes that while overall perpetual leverage is expected to decline in the coming year, crypto options will gain more traction due to the growing number of professional options traders entering the space. The options market has undergone a fundamental change since the last bull run, the major CEXs and the options ecosystem are poised for rapid growth. Bybit's recent expansion into the Earn Product space also heralds a new chapter after the turbulence experienced.

Last but not least, it is crucial to closely monitor regional developments and approaches towards digital and crypto assets. Regions like Singapore, Hong Kong, Japan, and the United Arab Emirates warrant a follow-up as cryptocurrency adoption increasingly relies on clearer guidance. Companies are pivoting towards high growth Asia amid arguments that localized regulations could boost demand. According to Cointelegraph Research's market maker geographic distribution database, Singapore currently leads the game, followed by USA, Hong Kongand the United Kingdom.

#Bybit / #TheCryptoArk

About Bybit

Bybit is one of the top three cryptocurrency exchanges by volume with 20 million users established in 2018. It offers a professional platform where cryptocurrency investors and traders can find a lightning-fast comparison engine, 24/7 customer service per week and multilingual community support. Bybit is a proud partner of the reigning Formula One constructor and driver champions: the Oracle Red Bull Racing team.
For more details about Bybit, visit Bybit Press.
For media inquiries please contact: [email protected]
For more information please visit: https://www.bybit.com
For updates, follow: Bybit communities and social networks

Discord | Facebook | instagram | LinkedIn | reddit | Telegram | Tik Tok | X (Twitter) | Youtube

Photo - https://mma.prnewswire.com/media/2308115/Crypto_Market_Makes_a_Strong_Comeback_Bybit_Wintermute_Leadership_Optimistic.jpg
Logo - https://mma.prnewswire.com/media/2267288/Logo.jpg