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.

According to Odaily Planet Daily, on-chain analyst @AmirOrmu posted on the X platform that FLUID recently surged by 50% in a short period of time, possibly due to buying activity on Windtermute.

It is understood that Wintermute purchased $500,000 worth of FLUID tokens on-chain. Combined with factors such as the upcoming maturity date of market maker loans, 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 each). These market makers sell the tokens immediately after receiving them and then buy them back a year later at a significant discount to repay their loans—a practice known as profitable market maker operations.

Furthermore, he mentioned that Windemute's loan amount is 700,000 FLUID, and they currently hold approximately 370,000 FLUID on-chain tokens and at least 350,000 FLUID on the CEX. Therefore, they do not need to increase their FLUID holdings, as it is sufficient for repayment. The loan maturity date is approximately mid-December.