Wintermute CEO: Strongly skeptical of recent market rumors regarding "institutional failures".

Wintermute CEO Evgeny Gaevoy posted on the X platform that he is skeptical of recent market rumors of institutional collapses, or at least of their medium- to long-term impact. He noted that while some institutions may have indeed collapsed, there haven't been any significant spillover effects. He pointed out that after the Terra incident, when 3AC collapsed, the market quickly learned of the news because it spread via private messages. While FTX's situation took longer, it became very clear once news of its negotiations with Binance was disclosed. Currently, no similar situation has been observed; all rumors originate from anonymous accounts and have not been confirmed by any credible source. Gaevoy believes that the leverage in this cycle primarily comes from perpetual contracts, which, compared to the leverage facilitated by opaque uncollateralized lending platforms like Genesis and Celsius in the previous cycle, has a more orderly structure. Exchanges have also learned from their margin management mistakes and are using mechanisms like ADL to avoid losses. Furthermore, he believes that no institution would now adopt FTX's model of investing user deposits in illiquid assets. Finally, he stated that if a company is indeed bankrupt, publicly denying it is a very risky thing to do, especially if the company is located in Europe, the United States, the United Kingdom, or Singapore, it may face the consequence of being sued.