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Wintermute, a crypto market maker, has funds on FTX

. Crypto market maker Wintermute has confirmed that it has funds stuck in the embattled crypto exchange FTX. The firm claims that they have funds in the crypto exchange FTX, but it is small and within their risk tolerance. Wintermute further said that the funds will not impact its overall financial standings. Although some funds…

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Crypto market maker Wintermute has confirmed that it has funds stuck in the embattled crypto exchange FTX. The firm claims that they have funds in the crypto exchange FTX, but it is small and within their risk tolerance.

Wintermute further said that the funds will not impact its overall financial standings. Although some funds remain, the firm stated that it has taken precautions to reduce risk and made efforts to eliminate them from the exchange.

In a tweet Wintermute stated:

“We do have remaining funds on FTX, and while this is not ideal, the amount is within our risk tolerances and does not have a significant impact on our overall financial position.”

Firms allay fears of exposure to FTX

As reported in our earlier news, Coinbase, Tether, and Circle have come out to assure their customers that they are not exposed in any way to either FTX or its sister firm Alameda Research after FTX announced plans to sell itself to Binance in the wake of liquidity crunch.

While Wintermute said that it has funds stuck in FTX, it, however, clarified that it has no exposure on FTX’s native token FTT whose price has drastically dropped since the whole FTX saga started.

Wintermute said:

“As a market-neutral trading firm, we do not have any directional exposure to FTT tokens or related ecosystem assets.”


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Bitcoin

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Bitcoin

BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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