Analysis: The short-term rise in FLUID may be due to Wintertermute buying to repay loans, using only a 40% discount to repay loans for market making.

On-chain analyst @AmirOrmu posted on the X platform that FLUID's recent brief 50% surge may be due to Wintermute's buying activity. It's understood that Wintermute purchased $500,000 worth of FLUID tokens on-chain. Combined with factors such as the upcoming maturity date of a market maker loan, this means they are buying back tokens they sold earlier this year at a discount to repay their loans. (They received the FLUID tokens at $10 each; now they only need to buy them back at approximately $4). These market makers sell the tokens immediately after receiving them and then buy them back a year later at a significant discount to repay the loans, a profitable market maker strategy. Furthermore, he mentioned that Wintermute's loan amount is 700,000 FLUID. They currently hold approximately 370,000 FLUID on-chain tokens and at least 350,000 FLUID on the CEX, so they don't need to increase their FLUID holdings; they already have enough to repay the loan. The loan maturity date is around mid-December.