Founder of Wintermute: If you lose your position, don't blame me for playing with you

Author: Evgeny Gaevoy, Founder and CEO of Wintermute

Compiled by: Azuma, Odaily Planet Daily

This article is a handwritten article written by Wintermute founder and CEO Evgeny Gaevoy a few days ago.

In the article, Evgeny Gaevoy responded in detail around the community's recent questioning price of Wintermute operation prices and harvesting retail investors. Unlike other public figures, different tone of tone is generally used in response. Evgeny Gaevoy has a strong firepower throughout the process, and even swearing. But it clearly answers the relevant questions by deconstructing Wintermute's business logic.

The following is the full text of Evgeny Gaevoy, compiled by Odaily Planet Daily (with certain deletions).

Recently, X (Twitter) has been particularly "lively", and some people's understanding of the market mechanism has simply exceeded the lower limit. Although I have explained the business model and the style of Wintermute many times in the past, it is necessary to sort out it now.

This is not an apology statement

We don't need to please those "keyboard warriors" who clamor on social media all day long. We do trade with these people on exchanges (whether it is CeFi or DeFi), but in essence, everyone still gets what they need in a public environment. This post may allow a few people to understand the real work of Wintermute (and other low-key proprietary trading companies), but to be honest, I don't have much hope - after all, most retail investors don't understand "uninformed flow" at all (Note: Refers to those trading behaviors that lack market information or professional judgment) are our main source of profit.

This article is written to those real partners -project parties, off -site trading opponents, exchanges, and occasional regulators.

About my social media style

In recent years, I have been very active on X, and the style of speech is indeed a bit abstract (even our own employees sometimes can't understand those stalks).

I like to play stalks and accept the stalks. For example, MEME, who has recently plummeted in various K -line charts, is very interesting. If you take it seriously, it is your own problem. The sense of humor is the basic quality of human beings. If you lack in this area, then sorry.

If you think it is not too kind to joke about those "unlucky guys who have lost their positions on xxx"... I can only say that you welcome to the craziest casino in history, and adults should be responsible for their choices.

We are not charity

Wintermute, like all other self -employed trading companies, is the goal to make money through transactions. We are not charity. More specifically, our core business is digital asset transactions. Therefore, we are not only interested in profitability as much as possible from the various opportunities in the market as possible, but also very interested in the sustainable, development and growth of this field. Since 2020, our venture capital department has been investing in cryptocurrencies and has never been short. Our cryptocurrency opening always accounts for 20% to 30% of net assets.

It is purely nonsense to say that we are short. Luna collapse, 3AC mines, FTX bankruptcy ... We made much more in these black swan incidents, not to mention the long market cold winter after mentioning.

What exactly does Wintermute do?

Our core business is DEFI, CEFI and OTC -compared with most competitors, our business is more diverse. We will switch battlefields at any time according to market hotspots, and BTC, ETH L2, Meme, and AI will not refuse.

CEFI is a market: We will hang hundreds of assets on more than 50 exchanges including Binance and Coinbase, and make money by the trading price difference. In a bull market, you eat meat through active trading volume, and in a bear market, you compete with other market makers to "harvest". We will also run what is called a "market-making" strategy, which allows us to arbitrage between different platforms and calculate those stupid market makers who are slow to respond.

Defi arbitrage: We will provide liquidity on 1Inch, Jupiter, Bebop, arbitrage on Uniswap, liquidation on AAVE and Morpho, and market on Hyperliquid. We are definitely experts in this regard.

OTC Trading: We have a wide coverage, whether it is the number of tokens or the type of transaction (spot/contract/option). We will expand their business through better technology rather than more sales teams.

All above operations maintain risk neutral (Delta Neutral). This means that if we sell a certain asset in Binance, we will also find the best price to buy back in all available liquidity sources. OTC transactions may take longer to balance, especially when trading long -tail assets, but our ultimate goal is to achieve neutral risk.

We occasionally take the initiative to bet on the market direction, but the position is small and will not be held. Most of our active operations are to do more, such as buying at low or buying lock -up tokens at a large discount. Although we will also short, this situation is very rare -because some garbage coins may suddenly increase by 500% suddenly 500% The risk of shorting is too high.

Why will the tokens fall?

Now let's talk more about why the price falls, especially why contemporary currencies are market or launch Binance by Wintermute, and the price will fall.

Macro environmental impact

The two recent plunge stems from the traditional financial market (Deepseek breaks AI value logic and tariff effects). Now the crypto market has been highly linked with the US stock market (Nasdaq fell → BTC fell → SOL fell → meme collapse). If you want to become a more successful trader, you should understand that our small cryptocurrency market is now with the outside world. The real world has a very direct connection. Of course you can ignore this information and choose what conspiracy is to believe in Wintermute and Binance. Good luck, continue to be poor.

Imbalanced supply and demand

The higher the liquidity of the token, the easier it is to sell. After the Binance on the contemporary currency, or after the Wintermute started to be market, the token liquidity will be enhanced, and early holders will be more likely to sell and change the car. If the project itself does not continue to attract, the price will naturally fall. If you haven't understood this yet, but you like to blame your trading skills on exchanges and businessmen, then I can only wish you good luck again.

Clas on the market agreement

Some tokens are embedded in the bullish options in the agreement to the city merchants. The price of contemporary currency is higher than that of the exercise price (the exercise price is usually much higher than the price of the city business participation). This does affect market fairness. I think the industry needs more transparency, but the right of disclosure is in the hands of the project party.

Quickly answer

Finally, there are some answers to common questions in the community.

About "Hunting" stop loss order

We won't "hunting" stop loss orders. Maybe we should do this, but I always think that this is a very risky business, so it is good to not touch it.

About manipulation price

Alas, we do not manipulate the price. One is that we do n’t know how to manipulate; the other is that our core business is enough to make money, so we do n’t do stupid things illegal; the third is that I live in London and like to travel to the United States. I do n’t want to move to Dubai.

About chain transfer

This is just a position on different platforms. Sometimes there are some K -line similar to Christmas trees on AMM, which is our arbitrage trace between our CEFI and DEFI.

About the so -called Luna manipulation video

It's just a clip taken out of context (the speech is separated by several weeks or months), you can continue to post it, I will continue to ignore it.

About private messages

Don't send me a private message to bring orders, I will not reply (except West Ham United fans), and related chat records are also P pictures.

About the plunge and play stalk

I reserve the right to continue playing with memes.