Wintermute Dominates Coinbase's cbBTC Market Making

IconCryptoNewsTerminal Staff12 Sep, 2024

cryptonews.jpg

Wintermute Dominates Coinbase's cbBTC Market Making

Alex Svanevik, CEO of crypto data analytics firm Nansen, revealed on Twitter that Wintermute appears to be the largest market maker in Coinbase's recently launched cbBTC on Base. Coinbase introduced cbBTC, a wrapped Bitcoin on the Base network, to boost the network's TVL. With an estimated 98 cbBTC (around $5.68 million), representing 13.42% of the cbBTC supply, Wintermute has seized a significant market share. Coinbase's launch of cbBTC, which is pegged 1:1 with BTC held by Coinbase, presents a lucrative opportunity for Wintermute's market-making activities.