Market makers increase holdings of PIPPIN again: new tokens attract institutional investment, and the market is reshaping

According to the latest news, the suspected Wintermute market maker address has accumulated approximately $200,000 worth of PIPPIN tokens in the past hour. This is not an isolated incident but reflects an important trend in the current crypto market: institutional funds are actively participating in emerging project layouts.

Market Signals Behind Market Maker Accumulation

Who is buying PIPPIN

This market maker address (BMnT…3iLJ) holds not only PIPPIN but also popular tokens such as TRUMP, USD1, MET, JELLYJELLY, PUMP, JUP, among others. This diversified allocation strategy indicates that the market maker is systematically deploying into current market hotspots rather than trading randomly. As a well-known OTC market maker in the industry, Wintermute’s trading behavior often signals institutional investor preferences.

PIPPIN’s Market Performance

PIPPIN was launched on January 6, 2025, and is currently ranked 108th by market capitalization. In terms of price performance, the project shows strong market enthusiasm:

The current price is $0.385476, with a 24-hour trading volume of $38.66 million. Notably, according to recent analysis, PIPPIN has surged 27.57% to $0.412, with whale trading activity significantly increasing, and derivatives trading volume soaring 156% to $712.56 million.

Institutional Participation Is Changing the Market Ecosystem

Wintermute’s Frequent Moves

Recent market dynamics show frequent appearances of Wintermute and related institutions:

• Whales bottom-fishing ETH through Wintermute and FalconX, accumulating over 50,000 ETH in 4 days, worth $148 million, with a swing profit of nearly $98.18 million
• Institutions borrowed $70 million USDT from Aave to purchase 24,555 ETH, demonstrating continued confidence in mainstream assets
• Wintermute publicly stated that the crypto market is transitioning from a traditional speculative bull cycle to a new phase characterized by concentrated liquidity and institutional dominance

Market Structure Transformation

This change is not only reflected in trading behaviors but also indicates the overall market’s maturation. According to Wintermute, shifting from a retail-driven high-volatility market to a relatively stable market driven by institutional allocations is an essential step for crypto assets to mainstream. In this process, whether emerging projects can gain institutional recognition becomes a key factor in their long-term viability.

Next Focus Points

Technical Breakthroughs

Analysis suggests that the next key resistance level for PIPPIN is at $0.45. The current RSI indicator is at 56, indicating that buyers are in control. If this resistance can be broken, it may attract more institutional funds into the market.

Market Sentiment Indicators

Spot net inflow has turned negative (-$1.45 million), indicating active absorption of chips by the market. The bull-bear ratio is 1.01, reflecting a relatively balanced but slightly bullish market sentiment.

Summary

The market maker’s accumulation behavior essentially represents a vote of confidence in PIPPIN’s value. Although PIPPIN is a relatively new project launched less than two years ago, gaining attention from institutional market makers like Wintermute suggests it has at least some market recognition. More importantly, this phenomenon reflects a major trend in the current crypto market: institutional funds are systematically deploying into emerging projects, no longer focusing solely on top assets like Bitcoin and Ethereum. This shift in participation is gradually reshaping the investment ecosystem of the crypto market.