Bybit celebrates its 5th anniversary with many notable firsts, including reaching 20 million users, introducing web3 vision, and gaining institutional support for ETH and BTC. Despite the proliferation of crypto exchanges, finding experienced liquidity providers remains difficult. Market leaders like Wintermute will become even more important in a post-FTX environment.
Wintermute has made a calculated strategic move to Singapore to strengthen its position as a leading provider of liquidity. Additionally, Wintermute Asia achieved his first-ever options block trade in CME, proving his commitment to development and innovation.
While the crypto community is still feeling the effects of the FTX meltdown, it was a turning point for existing players looking to stand out and make inroads in an exciting but unpredictable market. The vitality of the cryptocurrency market relies heavily on liquidity providers, but much of their activity is hidden due to the unavailability of off-exchange data.
Hear directly from Bybit co-founder and CEO Ben Zhou, Bybit principal Eugene Cheung, and co-owner Yoann Turpin as they reflect on the past year and talk about their ambitious expansion plans. I got the opportunity. The founder of Wintermute.
Important points:
- According to Ben Zhou, professional options trading will flourish.
- Currently officially residing in Singapore, Yoan Turpin shares his knowledge as a former TradFi options trader and gives hope for the future of crypto options trading.
- According to Eugene Cheung, Bybit has launched an OTC pilot program.
In addition to recent price increases, there is growing evidence that the crypto market is experiencing a strong recovery. According to CCData's December Exchange Review, CEX spot trading volume increased for the second consecutive month, increasing by 52.8% to $965.8 billion, the highest spot trading volume since March 2023. Furthermore, the value of derivatives trading in the CME market increased by 18.4% to $67.9 billion, the highest since November 2021.
Wintermute and Bybit began working together in July 2021, the same month that Bybit's spot trading platform was introduced. The two companies have worked together through the ups and downs of the crypto market and are now working even more closely together to manage the difficult and turbulent crypto environment.
Liquidity providers like Wintermute need to reduce the chance of trades failing. Yoann emphasizes how much Wintermute values his partnership with Bybit, and how the quality of the project, tokens and team reputation are valued above his CEX sales and business development efforts. . Wintermute says Bybit has a “robust and stable backend technology platform.” Global traders have also greatly benefited from Bybit's early implementation of unified trading accounts (UTA) for consumers.
what will happen in the new year
According to Eugene, Bybit has launched a pilot program for over-the-counter trading, which is a major step to improve cooperation between the two companies and expand the potential of the ecosystem in the long term. For over-the-counter (OTC) business, Bybit believes there are many opportunities in derivatives and options, including OTC spot trading.
In his final words, Ben emphasized that although total perpetual leverage is expected to decrease next year, crypto options will become even more popular as more experienced option traders enter the market. The options market has undergone fundamental changes since the last bull market, and the options ecosystem and leading CEX are poised to grow rapidly. After being hit by turmoil, Bybit's latest entry into the Earn Product space also announced the beginning of a new chapter.
Finally, it is essential to closely monitor local trends and policies regarding cryptocurrencies and digital assets. Countries such as Singapore, Hong Kong, Japan, and the United Arab Emirates are encouraged to monitor virtual currency adoption as it increasingly relies on clear regulations. Based on the theory that regional rules increase demand, companies are moving to Asia, where economic growth is rapid. According to Cointelegraph Research's market maker regional distribution database, Singapore currently leads the pack, followed by the US, Hong Kong, and the UK.
