Flowdesk Flows

Good morning and Happy Thanksgiving to our US counterparts 🦃 There has been a sense of a relief rally across the board as $BTC reclaimed $90k level and continued dovish commentary from the Fed as we look ahead to Decembers rate cute decision (odds moving from 35% to 85% of a 25bp cut) and end of year positioning. Intraday token volatility across venues increased sharply week over week, particularly around several Korean exchange listing announcements and select DATs still hitting the tape. As we write this, we’ve revisited where we broke down from last week, driven by both short covering as well as some spot buying. We’ve notably seen some buying of $ETH now that it’s below $3k again, as well as a good bit of interest sub $90k on $BTC. We continue to be very active in $CC, though flows remain skewed to better sellers post TGE. Despite this week’s high anticipated unlocks for $HYPE, we’ve seen large uptick in interest off the back of HIP3 momentum in equity perpetuals enabled by the new “growth mode” fee switch on the platform. The launch of Kinetiq's $KNTQ this morning also saw net buyers, currently sittin around the ~$200mmm FDV mark a few hours after TGE. Vols have eased through the week, presumably as traders become more wary of holding gamma into the US holiday. The vol term structure for both $ETH/BTC has drifted back into contango, and we are seeing traders focusing on events further out, with a noticeable kink evident for the 12Dec expiry which covers the last FOMC meeting. Open interest in tomorrow’s expiry remains quite high, hinting towards an increase in vol paired with the expected illiquidity from the US holiday session. On the flows front we want to highlight a particularly large buying of an upside 26DEC structure in $BTC as funds position themselves for a potential end of year rally. On the credit desk, the flow has been very much in line with the past couple of weeks, counterparts remain flush with stables and coin, looking to park capital in short dated yield while awaiting clearer market direction before stepping into leverage. Industry wide short dated rates have continued to soften, and we've trimmed our own short dated axe by another 25bps bringing the total reduction to roughly 150 bps over the past few weeks. That said, we're now starting to see some RFQs for leverage against $BTC, $ETH, $SOL, $BNB and $XRP, early signals that some participants are preparing to add directional exposure. Overall, the short end of the rate curve appears to have found a floor as we look ahead into the year end.

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. We decreased our borrow axe on stables by 25bps across OT-3m durations, along with a 25bps reduction to OT SOL. Reduction continues to be driven by our axes getting filled and contraction of market rates. Indicative alt borrow axes: $1mm+ OT - BCH 5% - TRX 5% - XRP 3% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Market Update - November 20th, 2025 Crypto markets continue their weakness relative to equities, particularly led by heavy BTC flows from old wallets moving tens of thousands of coins to centralized venues after years of dormant activity. New token launches continue at a reasonable pace albeit lacking follow on price performance and lower volatility seen previously this cycle. The spot flow remained skewed to the sell side with pockets of buying in the same select alts we have seen the most constructive activity in for sometime now. Last nights bounce post NVDA earnings has been sharply reversed post equity open as coins continue their downward trajectory and we see clients firm up defensive positioning going into year end, particularly on the buyside where managers are now focused on protecting what gains they do have in the books. The pockets of optimism we've seen have been around PUMP, trading well below the ICO level, HYPE due to it's relative strength and continued daily revenue consistency, and SYRUP. Option flows have followed suit, with bearish sentiment prevailing. We have seen large buyers of downside in both BTC and ETH, with significant flow taking profit on existing positions, but also rolling them down in order to keep the downside position. There have been select spurts of call buying at various lows, but the curves across all tenors are still displaying significant bias towards puts, as MMs especially are not keen to be short downside right now. Our OTC flow has generally been bearish too, with clients looking to capitalize on the falling market with put buying across various names. On the credit desk, we're seeing consistent demand from counterparts to deploy capital across short to medium dated tenors, with particularly strong interest to lend majors and stables as institutions seek to park excess liquidity in low risk strategies while waiting for the market to stabilize and find direction. This abundance of idle capital across the industry is driving meaningful rate compression, especially at the shorter end of the curve. Given these supply demand dynamics and the lack of compelling yield opportunities in this choppy market, we cut our bid on short dated stables by 100 basis points.

Good afternoon, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. We decreased our borrow axe on stables by 50-100bps across OT-6m durations. Reduction driven by our axes getting filled and contraction of market rates. Indicative alt borrow axes: $1mm+ OT - KMNO 10% - BCH 5% - TRX 4% - XRP 3% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Market Update - November 14th, 2025 Good afternoon everyone and welcome back to Flowdesk Flows. The market has chopped lower as we observe declining volumes across the board amongst both risk and stablecoin pairs. Despite the cautionary market, we are observing a healthy listing and launch sentiment as token issuers seek liquidity in the public markets before year end. Client activity on the spot desk can be described firmly as capitulation as $BTC lost the $100k level we noted last week with continued equity weakness. We saw a notable increase in major flows with pockets of buying within the ever dwindling universe of alts that clients feel comfortable holding longer than a swing trade ($HYPE, $PENDLE, $PUMP, $SYRUP, $AERO). Our desk has been net sellers of $CC after the TGE on Monday we presume most buyers were able to leg into positions pre-market via OTC markets which were notably liquid pre launch. Outside of crypto, the broader risk tone hasn't helped as tech stocks struggled to hold their bounce from last week as the market returns to reassessing whether we'll see another rate cut in December despite the US gov. reopening after its longest shutdown ever. Our derivatives desk was very busy, printing some of the largest trades of the month as the market has sold off. Understandably, we have seen risk reversals firm for puts as traders cover short downside strikes. Notably however, this put buying has been evident in nearer expiries, perhaps supporting more of a gamma squeeze buying view rather than a long term bearish view. Further out in the curve, we haven't seen any more significant demand for downside, with risk reversals remaining steady. Volatility in both $BTC and $ETH is elevated right now, and there is definitely a sense of option traders aiming to pick the spot lows by selling vol and buying upside. On the credit desk, we continue to see lots of leverage unwinding and hedging flows hit the desk. Counterparties are looking for pair structures along with short dated fixed yield on idle assets. Stable inventory feels flush across the market as desks are looking to redeploy in a depleted yield world onchain. Overall, we are seeing rates stabilize at these lower levels, stables across the market feels abundant, with strong demand for fixed yield structures, as firms wait to redeploy leverage on a next leg higher.

Flowdesk will be hosting an investor due diligence call with the CEO of Zama Protocol today at 11am EST. If you are interested in joining please reach out to your designated sales representative, thank you. https://x.com/zama

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. We decreased our borrow axe on stables by 25bps across the curve. Indicative alt borrow axes: $1mm+ OT - XTZ 12.5% - SEI 10% - BCH 10% - TRX 5% - XRP 3.5% - XLM 3.5% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Market Update- November 6th, 2025 The weeks theme has continued to be defensive, reflecting in muted volumes and public liquidity across exchanges and onchain pools having their TVL pulled. It’s becoming clear that the aftermath of 10/10 event has resulted in various firms pulling back their trading activity on both CEXs and DEXs paired with a lackluster retail demand environment for risk taking behavior. On the spot desk we had what can only be described as capitulatory flows and defensive positioning as we head into year end. Bright spots remain concentrated in usual names ($BTC, $HYPE, $PUMP and $SYRUP) with the notably resurgence of $VIRTUAL as the AI narrative spilled over from traditional markets back into crypto. As the market teeters on the psychological level of $100,000 $BTC, we seem to be at a turning point in sentiment as traders eye the weakness in equities in the higher beta names. Volatility has been elevated through the week in response to the market structure. Generally on the screen markets, we have seen demand for Puts, especially on the downticks, which suggests a lot of MMs are short those areas and needing to scramble for options on a selloff. The desk did see upside call buying over the weekend, as a few clients looked to come in at the market lows in the majors. However the overriding sentiment at the moment is bearish, with risk reversals remaining skewed firmly for Puts. On the credit desk, we've observed deleveraging flows as counterparties reposition and reassess amid recent price action. Demand for coin borrows remains robust - particularly on $SOL, $XLM, $ENA, $APT, and even $BTC - driven mainly by hedging and funding arbitrage strategies. That said, a few counterparties have stepped in to add leverage at current levels, focused on majors. Yield demand on coins stays elevated, especially for non-yield-bearing tokens. Onchain activity has been constrained in the aftermath of the Stream Finance default, spreading ripple effects into various lending market protocols and the plethora of “stable coin” marketed token wrappers representing ownership in looped leverage activity underlying them. Overall, rates and yields have compressed across the board, with widespread defensive positioning and many participants sidelined, awaiting a clearer market rebound. Subscribe here - https://t.me/FlowdeskFlows

Market Update - October 31st, 2025 Happy Friday everyone and welcome back to Flowdesk Flows. The month ends on a mixed note as the market is still adjusting to a post “10/10” world which has left liquidity fragmented and many traders sidelined or confused as to which way the coins will turn from here. This week also saw the first DAT, Ethzilla, selling $40M of $ETH to fund stock buybacks, a notable shift in market structure from these previous supply sink categorized buyers. We see this mentality reflected in client flows across the board, with spot activity mostly driven by headline scalps or portfolio recalibration. Market jitters post this week’s Fed meeting put many of our clients on pause in terms of adding new risk. That being said, onchain ICO demand continues to gain momentum as MegaETH saw an oversubscription with $1bn+ committed to the public sale in minutes and the market gears up for Monad and Canton’s expected TGE in coming weeks. We saw net buyers in BTC, HYPE (off the launch of equity perps via HIP3 plus Robinhood listing) and SYRUP (proposal to allocate 25% of revenue to buybacks), both of which continue to be in favor given revenue related valuations. SOL alts have continued to underperform and traded particularly weak as BTC dominance has steadily drifted higher throughout the month (~60% currently). We are now at a point where unlike 2 weeks ago, where clients felt extended, we now feel like our client base is underexposed if the market finds some legs to march higher. Within the derivatives market, fear was the overriding feeling throughout. We began with an escalation of trade war tensions, driving implied vols along with put skew to local highs. As the week progressed, vols calmed a touch, however put skew remained remarkably firm, a sign that traders are remaining weary at this time. There was a chunk of OTC upside demand after last weekends selloff however throughout the week we have only seen a return to call selling and put buying in both BTC and ETH on listed markets. Right now the volatility market is in a wait and see mode, with traders happy to hold downside protection at elevated levels. We believe that cheap risk reversals provide an opportunity, and if spot stagnates, we expect vols to drift lower and calls to be in demand, especially to year end. On the credit desk, we continue to see strong demand to borrow alts as clients look to take advantage of negative funding rates and locked token hedging structures. We are also seeing an increased demand for levered pair trades such as BTC/SOL. Benchmark borrow rates across major Ethereum money markets continue to grind lower, sitting at 5.3%, down from 5.6% a week ago, primarily driven by some attractive rate markets being launched on Morpho. Funding rates for BTC and ETH on Binance have rebounded from last week, averaging 4.99% and 3.1% respectively. Overall, rates have come down over the past couple weeks as market leverage continues to rebound from the wipeout earlier this month. Subscribe here - https://t.me/FlowdeskFlows

Flowdesk is structuring a bespoke syndication for an emerging blockchain primitive pre-ICO. For any clients interested please reach out to your designated Sales contact and we can share further information on the deal terms. Thank you!

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - ATOM 13% - XTZ 13% - BCH 10% - TRX 5% - XRP 3.5% - XLM 3.5% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Good morning, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. We increased our axe on OT majors by 25bps. Indicative alt borrow axes: $1mm+ OT - XTZ 13% - TRX 5% - BCH 4% - XRP 3.5% - XLM 3% - ADA 3% - SHIB 3% - LTC 3% - LINK 3% - ETC 3%

Good afternoon and a special thank you to all those we had the chance to reconnect with us in both Korea and Singapore. We appreciate all the connections and conversations we were able to have while in person. See you next time! Market Update - October 3rd, 2025 Markets entered October with a complex macro backdrop as investors weigh the possibility of a U.S. federal government shutdown and closely monitor incoming labor data. Nonfarm Payrolls and Unemployment Rate figures due this week could shape the Fed’s decision around a potential 25bps rate cut in October. Polymarket now reflects a 90% probability of a cut, with traders increasingly pricing in dovish action. As risk sentiment recalibrates, Gold has surged to fresh all time highs as BTC.D has rallied, reflecting a broader rotation away from altcoins and back into majors. Market activity remains subdued with Binance reporting a 13% and 19% month-over-month decline in 30-day trailing spot and futures volumes respectively. However, structural tailwinds continue to support the tokenization, stable coin and RWA narrative contributing to strong flows across select spot and perp markets. OTC spot activity closed September on a high note, with buyers returning to the market after a brief cooldown driven by Alt Perp DEX narratives. Capital rotated back into majors and high-conviction altcoin names, with positioning still skewing bullish overall. While AVNT and ASTER have faded from the spotlight after their explosive debuts, HYPE has regained traction off the back of Korea and Singapore conference events. XPL continues to see meaningful two-way interest following its launch and despite pulling back 50% from the highs, buyer appetite remains steady. Desk activity this week has been most concentrated in BTC, ETH, XPL, HYPE, ENA, EIGEN, and CC. Volatility remained relatively rangebound but has started to stir. As spot prices pushed higher early in the week, we observed both short-covering in calls and selective call selling in BTC. Risk reversals remain firm in BTC compared to ETH, but the curve softens into March 2026. Altcoin vol is also perking up, with two-way flow in HYPE, DOGE and SOL gaining traction on the desk. Interest in exotics continues to grow as traders look to express more nuanced directional views. On the credit side, client demand for levered long structures picked up meaningfully this week as traders looked to position into the dip. Appetite for yield-generating strategies across BTC and other non-staking assets has remained consistent. Leverage demand on yield-bearing stablecoins continues to rise, driven in part by new project launches and sustained interest. CME front-month basis for BTC and ETH remains stable around 8–9%, while SOL’s CME basis has ranged between 15% and 20%, boosted by ETF speculation. Broadly, credit markets remain balanced, with healthy supply-demand dynamics as traders position for the next macro inflection point.

Good afternoon, please find attached this week's rate card for majors and stablecoins where Flowdesk is axed to borrow. No changes WoW. Indicative alt borrow axes: $1mm+ OT - EIGEN 10% - TRX 5% - XLM 4% - BCH 3.5% - XRP 3.5% - ADA 3.5% - SHIB 3.5% - LTC 3% - LINK 3% - ETC 3%

Native Markets received 200K HYPE ($8.7M) from Flowdesk 2 hours ago and staked and locked it for 3 years - making USDH the first permissionless spot quote asset on Hyperliquid. HYPE/USDH is now live for trading: https://app.hyperliquid.xyz/trade/HYPE/USDH

Proud to support the Native Markets team as they launch the first ever permissionless spot quote asset pair on Hyperliquid with HYPE/USDH

Native Markets received 200K HYPE ($8.7M) from Flowdesk 2 hours ago and staked and locked it for 3 years - making USDH the first permissionless spot quote asset on Hyperliquid. HYPE/USDH is now live for trading: https://app.hyperliquid.xyz/trade/HYPE/USDH

We’re excited to collaborate with Morpho to unlock liquidity and optimize our balance sheet across our global trading verticals. Read more here: https://flowdesk.co/updates/blogs/67215e228e4bf46d9bd3f249/

Flowdesk just completed one of the first successful $USDH mints on HyperEVM. https://hyperevmscan.io/tx/0x169219a8cc02d2e125a13379a64c7d08d7363193085a80418f910fe2b6214290

Flowdesk 🤝 Ethena Announcing today that through our partnership with @ethena_labs, Flowdesk clients can now not only trade but importantly earn yield on and utilize $USDe + $USDtb across our OTC spot, credit, and derivatives trading products and services. This partnership deepens our commitment to bringing together crypto native financial products and institutional demand. https://x.com/flowdesk_co/status/1969063495049359651?s=46