Research on transaction infrastructure and market commentary from the firm's OTC trading desk.
Why read Wintermute?
Wintermute is useful for reading the market through a trading firm's operating questions: how transactions reach builders, who controls order flow and where liquidity goes. Zak's SUAVE research follows the proposed transaction pipeline and asks how private data and trusted execution environments change the role of an auctioneer. Start there for the assumptions behind the architecture and the trust that remains.
The firm's market updates offer a shorter reading task. Jasper De Maere's 5 October 2026 review connects macro conditions, Bitcoin's equity correlation and altcoin breadth, then gives conditions for the outlook. Compare those conditions with the observations used to support them. The firm frames its posts for investment professionals, which helps explain the desk perspective and level of detail.
Start with the original
Selected work
Research ·
SUAVE, Reimagining the Transaction Supply Chain
Zak's research asks how the proposed system redistributes order-flow access and trust. It describes a design at that time.
Market review ·
Market Update: 5 October 2026
Jasper De Maere's OTC-desk review ties market observations to a conditional macro and altcoin outlook.
Onchain
Linked wallets
- Ethereum
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