Wintermute Maintains Net Long BTC and Enforces Tight Risk Limits to Weather FTX Fallout, Gaevoy Says on The Block

In a discussion on The Block’s podcast, Wintermute founder Evgeny Gaevoy pushed back against the view that the market maker is constantly shorting. He stressed a persistent net long exposure, noting a bullish stance on crypto markets dating back to 2022, if not earlier.

Gaevoy highlighted a venture capital arm and a diversified asset mix, with core bets in BTC, ETH, HYPE, SOL, and other tokens, including notable locked positions. He argued the alignment with long-term value means the firm cannot afford a market crash that would depress its own holdings.

On risk controls, Wintermute uses strict limits: long positions capped at 25% of net assets and a cap of 35% exposure on any single platform. He claimed these guardrails helped the firm endure the FTX collapse and several hack attempts, suggesting resilience as long as the top five exchanges do not fail simultaneously.