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Wintermute ๋ณด๊ณ ์„œ, ์•”ํ˜ธํ™”ํ์˜ 3๊ฐ€์ง€ ์ฃผ์š” ์œ ๋™์„ฑ ์ฑ„๋„์—์„œ ๊ฐ์† ํ‘œ์‹œ

๊ธ€๋กœ๋ฒŒ ์œ ๋™์„ฑ๊ณผ ์ค‘์•™์€ํ–‰์˜ ์™„ํ™” ์ •์ฑ…์—๋„ ๋ถˆ๊ตฌํ•˜๊ณ , Wintermute์˜ Jasper De Maere๋Š” ์•”ํ˜ธํ™”ํ๊ฐ€ ์ด์ œ ์‹œ์žฅ์„ ํ™•์žฅํ•˜๋Š” ๋Œ€์‹  ๋‚ด๋ถ€์ ์œผ๋กœ ์ž๊ธˆ์ด ์ˆœํ™˜ํ•˜๋Š” ์ž์ฒด ์ž๊ธˆ ์กฐ๋‹ฌ ๋‹จ๊ณ„์— ๋“ค์–ด์„ฐ๋‹ค๊ณ  ๋งํ•ฉ๋‹ˆ๋‹ค.

์ž‘์„ฑ์ž
๊ณต์œ 
Wintermute ๋ณด๊ณ ์„œ, ์•”ํ˜ธํ™”ํ์˜ 3๊ฐ€์ง€ ์ฃผ์š” ์œ ๋™์„ฑ ์ฑ„๋„์—์„œ ๊ฐ์† ํ‘œ์‹œ

ETF ๋ฐ DAT ์„ฑ์žฅ ๋‘”ํ™”, Wintermute๊ฐ€ ๋‚ด๋ถ€ ์‹œ์žฅ ํšŒ์ „ ๊ฒฝ๊ณ 

Wintermute์— ๋”ฐ๋ฅด๋ฉด, ์•Œ๊ณ ๋ฆฌ์ฆ˜ ๊ฑฐ๋ž˜ ํšŒ์‚ฌ์ด์ž ์•”ํ˜ธํ™”ํ ์‹œ์žฅ ๋ฉ”์ด์ปค์ธ ์ด ํšŒ์‚ฌ์—์„œ๋Š” ์•ˆ์ • ์ฝ”์ธ(stablecoins), ์ƒ์žฅ์ง€์ˆ˜ํŽ€๋“œ (ETFs), ๋””์ง€ํ„ธ ์ž์‚ฐ ๊ตญ์ฑ„(DATs)๋ฅผ ํ†ตํ•œ ์œ ์ž…์ด ๋‘”ํ™”๋์œผ๋ฉฐ, ์ด๋Š” ํ†ตํ™” ๋ฐฐ๊ฒฝ์ด ์—ฌ์ „ํžˆ ์™„ํ™”์ ์ž„์—๋„ ๋ถˆ๊ตฌํ•˜๊ณ  ๋ฐœ์ƒํ•˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ์•ˆ์ • ์ฝ”์ธ์€ ๋ช‡ ๊ฐœ์›” ๋งŒ์— ์ฒ˜์Œ์œผ๋กœ ์ด๋ฒˆ ์ฃผ์— ๊ฐ์†Œํ–ˆ์Šต๋‹ˆ๋‹ค.

์ €์ž์ด์ž ๋ฐ์Šคํฌ ์ „๋žต๊ฐ€์ธ Jasper De Maere๋Š” ์„ค๋ช…ํ–ˆ์Šต๋‹ˆ๋‹ค. ์ฑ„ํƒ์ด ์žฅ๊ธฐ์ ์ธ ์ถ”์„ธ๋ฅผ ์ฃผ๋„ํ•˜๋Š” ๋ฐ˜๋ฉด, ์œ ๋™์„ฑ์ด ๊ฐ€๊ฒฉ ๋ฐฉํ–ฅ์„ ๊ฒฐ์ •ํ•˜๋ฉฐ, ํ˜„์žฌ ์œ ๋™์„ฑ์€ ์ฆ๊ฐ€ํ•˜๊ธฐ๋ณด๋‹ค ์žฌํ™œ์šฉ๋˜๊ณ  ์žˆ๋‹ค๊ณ  ํ–ˆ์Šต๋‹ˆ๋‹ค. Wintermute์˜ ๋ฐ์ดํ„ฐ์— ๋”ฐ๋ฅด๋ฉด ์•ˆ์ • ์ฝ”์ธ, ETF ๋ฐ DAT ๋“ฑ ์„ธ ๊ฐ€์ง€ ์œ ๋™์„ฑ ๊ฒฝ๋กœ๊ฐ€ 2024๋…„ ํ›„๋ฐ˜๊ณผ 2025๋…„ ์ดˆ๊นŒ์ง€ ๊ฐ•๋ ฅํ•œ ์„ฑ์žฅ์„ ํ•œ ํ›„ ์ •์ฒดํ•˜๊ณ  ์žˆ๋‹ค๊ณ  ํ•ฉ๋‹ˆ๋‹ค.

Wintermute Report Flags Deceleration in Cryptoโ€™s 3 Key Liquidity Channels

DAT์™€ ETF ๋ณด์œ ๋Š” ์•ฝ $400์–ต์—์„œ $2700์–ต์œผ๋กœ ์ฆ๊ฐ€ํ–ˆ๊ณ , ์•ˆ์ • ์ฝ”์ธ์€ $1400์–ต์—์„œ $2900์–ต์œผ๋กœ ๋‘ ๋ฐฐ ์ฆ๊ฐ€ํ•œ ํ›„ ํ‰์ค€ํ™”๋˜์—ˆ์Šต๋‹ˆ๋‹ค. De Maere๋Š” ์ด ๋‘”ํ™”๊ฐ€ ์ƒˆ๋กœ์šด ์ž๊ธˆ์ด ๋‹จ์ˆœํžˆ ์ž๋ณธ ์ˆœํ™˜์ด ์•„๋‹Œ ์ƒํƒœ๊ณ„๋กœ ๋“ค์–ด์˜ค์ง€ ์•Š๋Š” ๊ฒƒ์„ ์˜๋ฏธํ•œ๋‹ค๊ณ  ์ง€์ ํ–ˆ์Šต๋‹ˆ๋‹ค.

๊ฐ ๊ฒฝ๋กœ๋Š” ๋‹ค๋ฅธ ์œ ๋™์„ฑ ์›์ฒœ์„ ๋ฐ˜์˜ํ•œ๋‹ค๊ณ  De Maere๋Š” ๋งํ–ˆ์Šต๋‹ˆ๋‹ค. ์•ˆ์ • ์ฝ”์ธ์€ ์•”ํ˜ธํ™”ํ์— ๋Œ€ํ•œ ๋ณธ์งˆ์ ์ธ ๊ฐ์ •์„ ๋ณด์—ฌ์ฃผ๊ณ , DAT๋Š” ๊ธฐ๊ด€์˜ ์ˆ˜์ต๋ฅ  ์š•๊ตฌ๋ฅผ ์ถ”์ ํ•˜๋ฉฐ, ETF๋Š” ์ „ํ†ต ๊ธˆ์œต์˜ ํ• ๋‹น์„ ๋‚˜ํƒ€๋ƒ…๋‹ˆ๋‹ค. ์„ธ ๊ฐ€์ง€ ๋ชจ๋‘ ํ‰ํƒ„ํ•จ์„ ๋ณด์ด๋ฉฐ, Wintermute๋Š” ์ด์ œ ์‹œ์žฅ์ด ์™ธ๋ถ€์—์„œ ์œ ์ž…๋˜๋Š” ๊ฒƒ์ด ์•„๋‹Œ ๋ถ€๋ฌธ ๊ฐ„ ์œ ๋™์„ฑ์ด ์ด๋™ํ•˜๋Š” ๋‚ด๋ถ€ ์ฃผ๋„๋ผ๊ณ  ์ฃผ์žฅํ•ฉ๋‹ˆ๋‹ค.

์•”ํ˜ธํ™”ํ ์™ธ๋ถ€์—์„œ๋Š” Wintermute๊ฐ€ ์ „ ์„ธ๊ณ„ ์œ ๋™์„ฑ(M2)์ด ์—ฌ์ „ํžˆ ํ’๋ถ€ํ•˜์ง€๋งŒ, ๋†’์€ SOFR ๊ธˆ๋ฆฌ๋กœ ์ธํ•ด ํ˜„๊ธˆ์ด ๊ตญ์ฑ„์— ์ฃผ์ฐจ๋˜๊ณ  ์žˆ์Œ์„ ์ง€์ ํ•˜๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค. ๋ฏธ๊ตญ์˜ ์–‘์  ๊ธด์ถ•์ด ๋๋‚˜๋„ ๋งคํฌ๋กœ ์œ ๋™์„ฑ์€ ์ง€๊ธˆ์€ ๋””์ง€ํ„ธ ์ž์‚ฐ๋ณด๋‹ค๋Š” ์ฃผ์‹์„ ์„ ํƒํ•˜๊ณ  ์žˆ๋‹ค๊ณ  De Maere๋Š” ๋งํ–ˆ์Šต๋‹ˆ๋‹ค.

De Maere์— ๋”ฐ๋ฅด๋ฉด ์ด๋Ÿฌํ•œ ๋‚ด๋ถ€ ์œ ๋™์„ฑ ์‚ฌ์ดํด์€ ์ตœ๊ทผ ์‹œ์žฅ ํ–‰๋™์„ ์„ค๋ช…ํ•œ๋‹ค๊ณ  ํ•ฉ๋‹ˆ๋‹ค. ๋ž ๋ฆฌ๋Š” ๋น ๋ฅด๊ฒŒ ์‚ฌ๊ทธ๋ผ์ง€๊ณ , ๋Œ€๊ทœ๋ชจ ์ฒญ์‚ฐ์œผ๋กœ ์ธํ•ด ๋ณ€๋™์„ฑ์ด ์ฆ๊ฐ€ํ•˜๋ฉฐ, ์šด์šฉ ์ž์‚ฐ์˜ ์ด์•ก์€ ์•ˆ์ •์ ์ด์ง€๋งŒ ๊ฐ€๊ฒฉ ํญ์€ ์ข์•„์ง‘๋‹ˆ๋‹ค. Wintermute๋Š” ์ƒˆ๋กœ์šด ์ž๋ณธ, ๋‹ค์‹œ ๋งํ•ด ์ƒˆ๋กœ์šด ์•ˆ์ • ์ฝ”์ธ ๋ฐœํ–‰, ETF ์ฐฝ์ถœ ๋˜๋Š” DAT ๋ฐœํ–‰์ด ์•”ํ˜ธํ™”ํ๋กœ ์™ธ๋ถ€ ์œ ๋™์„ฑ์ด ๋Œ์•„์˜ค๋Š” ์‹ ํ˜ธ๊ฐ€ ๋  ๊ฒƒ์ด๋ผ๊ณ  ๋ง๋ถ™์˜€์Šต๋‹ˆ๋‹ค.

๊ทธ ์ „๊นŒ์ง€๋Š” De Maere๋Š” ์•”ํ˜ธํ™”ํ๊ฐ€ โ€œ์ž์ฒด ์ž๊ธˆ ์กฐ๋‹ฌ ๋‹จ๊ณ„โ€์— ๋จธ๋ฌด๋ฅด๊ณ  ์žˆ์œผ๋ฉฐ, ์ž๋ณธ์ด ์œ ํ†ต๋˜๊ณ  ๋ณต๋ฆฌ๋กœ ์ฆ๊ฐ€ํ•˜์ง€ ์•Š๋Š”๋‹ค๊ณ  ๊ฒฐ๋ก ์ง€์œผ๋ฉฐ, ์ด๋Š” ์œ ๋™์„ฑ์ด ์ด์ „ ์•”ํ˜ธํ™”ํ ์‚ฌ์ดํด์„ ์ง€๋ฐฐํ•˜๋Š” ๋ฐฉ์‹๊ณผ ๋น„์Šทํ•œ ํŒจํ„ด์ด๋ผ๊ณ  ๋งํ•ฉ๋‹ˆ๋‹ค.

FAQ โ“

  • ์•”ํ˜ธํ™”ํ ์œ ๋™์„ฑ์— ๊ด€ํ•œ Wintermute ๋ณด๊ณ ์„œ๋ฅผ ์ž‘์„ฑํ•œ ์‚ฌ๋žŒ์€ ๋ˆ„๊ตฌ์ž…๋‹ˆ๊นŒ?
    ์ด ๋ถ„์„์€ ๊ธ€๋กœ๋ฒŒ ๊ฑฐ๋ž˜ ํšŒ์‚ฌ Wintermute์˜ ์—ฐ๊ตฌ์› Jasper De Maere๊ฐ€ ์ž‘์„ฑํ–ˆ์Šต๋‹ˆ๋‹ค.
  • Wintermute๋Š” ์•”ํ˜ธํ™”ํ์˜ ์„ธ ๊ฐ€์ง€ ์œ ๋™์„ฑ ์ฑ„๋„์„ ๋ฌด์—‡์œผ๋กœ ์‹๋ณ„ํ•ฉ๋‹ˆ๊นŒ?
    ์•ˆ์ • ์ฝ”์ธ, ์ƒ์žฅ์ง€์ˆ˜ํŽ€๋“œ(ETFs), ๊ทธ๋ฆฌ๊ณ  ๋””์ง€ํ„ธ ์ž์‚ฐ ๊ตญ์ฑ„(DATs)์ž…๋‹ˆ๋‹ค.
  • Wintermute๋Š” ์™œ ์œ ์ž…์ด ๋‘”ํ™”๋˜์—ˆ๋‹ค๊ณ  ๋งํ•ฉ๋‹ˆ๊นŒ?
    ๋†’์€ SOFR ๊ธˆ๋ฆฌ์™€ ์ฃผ์‹์— ๋Œ€ํ•œ ํˆฌ์ž์ž ์„ ํ˜ธ๋กœ ์ธํ•ด ์œ ๋™์„ฑ์ด ์•”ํ˜ธํ™”ํ์—์„œ ๋ฉ€์–ด์ง€๊ณ  ์žˆ์Šต๋‹ˆ๋‹ค.
  • ์•”ํ˜ธํ™”ํ ์‹œ์žฅ์— ์œ ๋™์„ฑ์ด ์–ธ์ œ ๋Œ์•„์˜ฌ ์ˆ˜ ์žˆ์Šต๋‹ˆ๊นŒ?
    De Maere์— ๋”ฐ๋ฅด๋ฉด, ๋‹ค์‹œ ์•ˆ์ • ์ฝ”์ธ ๋ฐœํ–‰, ETF ์œ ์ž… ๋˜๋Š” DAT์˜ ์„ฑ์žฅ์€ ์™ธ๋ถ€ ์ž๋ณธ์ด ๋Œ์•„์˜ค๋Š” ๊ฒƒ์„ ๋‚˜ํƒ€๋‚ผ ๊ฒƒ์ž…๋‹ˆ๋‹ค.
์ด ๊ธฐ์‚ฌ์˜ ํƒœ๊ทธ