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Crypto Trading Firm Wintermute Plugs Into CoinRoutes Smart-Order Routing System
CoinRoutes won a patent in February for a “cryptocurrency smart-order router” designed to help trading firms reduce the costs of storing large reams of historical data.
Updated Apr 20, 2023, 2:26 p.m. Published Apr 20, 2023, 1:00 p.m.
Wintermute, a London-based crypto trading firm and liquidity provider, said it has integrated with CoinRoutes, a startup that aims to help crypto hedge funds and other investors get the best price on trades.
The integration “will allow CoinRoutes customers to benefit from greater choice and flexibility in terms of the liquidity providers they can access through the platform,” according to a statement from Wintermute.
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In February, CoinRoutes won a U.S. patent for a “cryptocurrency smart-order router” that lets trading clients use their own servers, but with reams of data on historical crypto trades stored on regional servers. The setup allows traders to avoid the cost of storing the data on their own servers, a price tag that can reach $25,000 in some cases, co-founder Dave Weisberger told CoinDesk in March.
“Our deep liquidity, combined with CoinRoutes smart-order routing will help market participants achieve a higher quality of trading and more efficient execution," Marina Gurevich, chief operating officer of Wintermute, said in the statement.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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