Odaily Planet Daily News Wintermute founder and CEO Evgeny Gaevoy said today in Consensus Hong Kong 2025 that for Bitcoin, market liquidity may have returned to the level before the FTX crash, but for other tokens, liquidity is still insufficient. The market is still dominated by the price of Bitcoin, and the liquidity of other tokens is affected. In addition, the launch of new tokens will extract liquidity from existing tokens. For example, when TRUMP was launched, a large amount of funds flowed out of other tokens, causing the market to fall sharply. This phenomenon occurs every time a new token is launched.
Evgeny Gaevoy also said that the market has not fully priced in the improvement of the regulatory environment, and despite many positive regulatory developments, the market is still in a wait-and-see state.
Evgeny Gaevoy finally said that he believes that the prices of Bitcoin and Ethereum will continue to rise, and although there may not be a full bull market, there will be some fluctuations in the market. Investors will pay more attention to those protocols that really have practical uses and sustainable economic models.