With the recent shifts in the financial landscape, it’s evident that the crypto market comeback is in full swing. The seven-day moving average for spot exchange volumes is inching towards a whopping $40 billion, a figure not seen since March. Further, the Ethereum network’s seven-day moving average for transactions has hit a yearly high, sitting at 114 million. Even the futures trading sector is witnessing an upswing, with CME’s Bitcoin futures market reporting record monthly volumes last month.
Off-Exchange Trading: The Hidden Segment
Despite these positive indicators, one area of the crypto market remains shrouded in mystery due to the scarcity of available data. This is the realm of off-exchange trading involving major market-making entities and over-the-counter trading firms. These include crypto-native firms like GSR and Wintermute, and traditional finance companies such as Jump Trading. These firms reportedly scaled back their crypto activities amid a broader liquidity shortage.
Following the downfall of FTX, concerns arose about the apparent Alameda liquidity gap, making it more difficult to enter and exit positions in certain coins. Amid these concerns, one company in the token market-making domain, Keyrock, has seen a surge in activity.
Keyrock: The Dark Horse
While not as well-known as competitors like Wintermute and GRS, Keyrock has remained a steady player in the crypto sphere across various cycles. Kevin de Patoul, co-founder of Keyrock, recently shared in an interview with The Block that the company has seen a spike in activity in recent months. “We have been increasing our volume and are more or less looking to triple our revenue this year, with a further acceleration over the last seven months,” he revealed. The company has also expanded its workforce, hiring over 100 people in the last year.
Expansion Plans on the Horizon
Other firms in the space are also looking to expand. GSR, for example, has an open job ad for a US OTC Sales role, aimed at growing its “US OTC derivatives business” and seeking new opportunities while developing existing client relationships to drive activity and trade volume to the OTC desk. Similarly, Wintermute is on the hunt for a new sales trader to help grow its OTC Options business.
With the crypto market comeback, it’s a thrilling time to be involved in the crypto space. Tools like cryptoview.io offer a comprehensive view of the market, making it easier for both new and seasoned investors to navigate the dynamic landscape.
Stay tuned for more exciting developments in the crypto market. The future is bright, and it’s digital.
