Friday Night and Cryptocurrency Market Volatility: Wintermute Founder’s Perspective on Market Fluctuations

IfIWereOnChain · 2026-02-09T03:07:52+00:00

Evgeny Gaevoy, founder of Wintermute, emphasizes the need for careful analysis of crypto market crashes, attributing them to macroeconomic news and low liquidity, rather than blaming specific platforms. His insights highlight the complexity of market dynamics, particularly on weekends.

IfIWereOnChain

2026-02-09 03:07:52

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Evgeny Gaevoy, founder of Wintermute, raises an important issue regarding the misconception about the causes of crypto market shocks. In a social media statement at the end of January, Gaevoy emphasized that public figures should be more cautious in analyzing the true causes of market crashes, rather than just looking for scapegoats by pointing to a specific platform.

Why Weekends Become Critical Points in the Crypto Market

The drastic decline event that occurred in mid-October provides an important lesson about the dynamics of Friday night markets. The weekend period, especially Friday night, creates a unique condition in the crypto market that is often overlooked in analysis. Significantly decreased market liquidity during this time becomes one of the crucial factors often forgotten when a market crash occurs.

Gaevoy’s Analysis: Macro News, Not System Failures

Gaevoy firmly denies the narrative that software is the main cause. According to his analysis, the event on October 10 was triggered by macroeconomic news released on Friday night when the market was extremely thin in liquidity. The connection between global news releases and the low-volume weekend period creates a perfect storm for extreme volatility. Over-leveraging during low liquidity conditions becomes a recipe for disaster, not due to technical platform issues.

Low Liquidity and Leverage: Dangerous Friday Night Combination

Wintermute’s founder emphasizes that the crypto market is currently in a bearish phase while other assets continue to strengthen, creating a general reluctance toward market downturns. In this environment, blaming a single trading platform becomes an easy psychological mechanism, even though the reality is much more complex. The Friday night conditions, with limited liquidity, combined with macroeconomic news, create scenarios where leveraged positions are forced to be liquidated massively.

Gaevoy’s perspective encourages the industry to be more mature in analyzing systemic factors. Blaming a single trading platform is not an objective assessment when the real causes lie in market structure, news timing, and individual trader risk management.

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