On the occasion of its fifth anniversary, Bybit has accomplished a number of noteworthy firsts, such as reaching 20 million users, introducing its web3 vision, and winning institutional support for ETH and BTC. Despite the rise in cryptocurrency exchanges, experienced liquidity providers are still hard to come by. Market leaders like Wintermute are even more important in the post-FTX environment.
Wintermute has made a calculated strategic move to Singapore, enhancing its standing as a major player in liquidity provision. Additionally, Wintermute Asia fulfilled its first-ever options block trade on CME, proving its dedication to development and innovation.
Even though the cryptocurrency community still feels the effects of the FTX meltdown, 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 is largely dependent on liquidity providers, but because their off-exchange data is unavailable, much of their actions are hidden from view.
As they reflect on the last year and talk about their ambitious expansion plans, we now get the chance to hear directly from Ben Zhou, co-founder and CEO of Bybit, Eugene Cheung, Head of Institution at Bybit, and Yoann Turpin, co-founder of Wintermute.
Important Takeaways:
- Professional options trading will prosper, according to Ben Zhou.
- Now that he is formally in Singapore, Yoann Turpin shares his knowledge as a former TradFi options trader and offers hope for the future of cryptocurrency options trading.
- According to Eugene Cheung, Bybit has initiated an OTC pilot program.
In addition to the recent price increase, there is growing proof that the cryptocurrency market is seeing a robust rebound. The spot trading volume on CEXs increased for the second consecutive month, hitting $965.8 billion, a 52.8% increase, and the largest 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 biggest since November 2021.
Wintermute and Bybit began collaborating in July 2021, the same month that Bybit’s spot trading platform was introduced. The two firms now work even more closely together to manage the challenging and tumultuous crypto landscape since their cooperation has successfully survived the ups and downs of the cryptocurrency market.
Liquidity providers like Wintermute must reduce the possibility of exchange failures. Yoann underscores how much Wintermute cherishes its partnership with Bybit and how the calibre of projects, tokens, and team reputations are valued more than CEX sales and business development initiatives. Bybit’s “solid and stable back-end technology platform” is excellent, according to Wintermute. Global traders have also benefited greatly from Bybit’s early implementation of a Unified Trading Account (UTA) for consumers.
What’s to 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 broaden the ecosystem’s potential in the long run. For over-the-counter (OTC) business, Bybit sees a lot of opportunity in derivatives and options, starting with OTC spot trading.
Ben stresses in his final words that although total permanent leverage is predicted to decline in the upcoming year, cryptocurrency options will become more popular since more experienced options traders are joining the market. Since the last bull run, the options market has experienced a fundamental transition, and the options ecosystem and major CEXs are set to grow rapidly. After the turmoil encountered, Bybit’s latest entry into the Earn Product arena also announces a new chapter.
Finally, it is imperative to carefully monitor regional trends and policies regarding cryptocurrency and digital assets. Watching is advised in places like Singapore, Hong Kong, Japan, and the UAE because the adoption of cryptocurrencies depends more and more on unambiguous regulations. Businesses are moving to Asia, a region with rapid economic growth, on the theory that regional rules will increase demand. The market maker regional distribution database of Cointelegraph Research indicates that Singapore is now leading the pack, followed by the USA, Hong Kong, and the UK.