Wintermute founder: market volatility intensifies, derivatives trading active level increases, continue to be optimistic about BTC

On February 20th, Evgeny Gaevoy, founder and CEO of Wintermute, stated in Consensus Hong Kong 2025 that the volatility of the BTC and ETH markets has intensified, and the current market sentiment is complex and contradictory, with a significant increase in market trading activity. The bullish sentiment towards BTC in the current market has increased, but there is still significant uncertainty, especially after the TRUMP election, a large amount of funds flowed into the Bitcoin market, and market sentiment has diverged. Gaevoy stated that although the market may continue to fluctuate in the short term, in the long run, BTC's position as a store of value and an inflation-resistant asset will be further consolidated. He emphasized that the trading volume of derivatives in the current cryptocurrency market continues to grow, and market participants are responding to volatility through more complex strategies.

 

Meanwhile, according to today's Deribit data, the BTC options non-position squaring contract reached $1.54 billion within 24 hours, and the ETH options non-position squaring contract reached $410 million, reflecting the strong market interest in BTC and ETH derivative trading. The Put/Call Ratio of BTC options is 0.76, with a total non-position squaring volume of $980 million; the Put/Call Ratio of ETH options is 0.49, with a total non-position squaring volume of $270 million. These data indicate that the bullish sentiment towards BTC in the market is slightly dominant.