Odaily News Wintermute founder and CEO Evgeny Gaevoy said today at Consensus Hong Kong 2025 that for Bitcoin, market liquidity may have returned to pre-FTX crash levels, but for other tokens, liquidity is still insufficient. The market is still dominated by Bitcoin prices, and the liquidity of other tokens is therefore affected. In addition, the launch of new tokens will draw 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 in 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, although there may not be a full bull market, but 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.