Wintermute co-founder Evgeny Gaevoy said at the Token2049 "Institutionalization of Digital Assets" roundtable in Singapore: Six years ago, cryptocurrency was almost an unpopular term, and most people were reserved about it. But now, on the one hand, we see Bitcoin on the large exchanges in Sydney, and we see a large number of Bitcoin applications launched by almost all major asset management companies.

On the other hand, the technology itself has also been widely accepted. For example, you can see PayPal launching stablecoins. You will see many people regard it as a possible alternative to existing financial infrastructure.

Moreover, on our side, we used to mainly trade with local institutions, and possibly with some family offices, but now we see more and more counterparties coming from traditional financial institutions, traditional family offices, funds, and so on. This is definitely a clear shift in the view of cryptocurrency being seen as a legitimate thing. I think we have now legalized Bitcoin and Ethereum, and DeFi tokens and many other things may follow.