Hey there, crypto enthusiasts! If you’re into the wild world of cryptocurrency and the minds shaping it, you’re in for a treat. The latest episode of the When Shift Happens podcast, hosted by Kevin W (@KevinWSHPod), features a fascinating chat with Evgeny Gaevoy, the CEO and founder of Wintermute, one of the biggest players in algorithmic trading. Recorded on August 6, 2025, this episode dives deep into crypto market myths, trading strategies, and even Gaevoy’s out-of-this-world dream of colonizing Mars. Let’s break it down!

From Soviet Roots to Crypto Genius

Gaevoy’s story is straight out of a movie. Growing up in the chaotic post-Soviet Russia of the 1990s, he compares that era to the wild west of crypto today—full of risks but brimming with opportunities. After cutting his teeth in high-frequency trading at Optiver, he grew disillusioned with traditional finance and jumped into the crypto space in 2017. Fun fact: he even made it to the final round at McKinsey but walked away, feeling the polished storytelling clashed with his honest nature. Instead, he built Wintermute into a powerhouse, handling over $5 billion in daily trading volume across 50+ exchanges.

The Art of Market Making

Ever wondered how market making works? Gaevoy simplifies it with a cool analogy: think of it like a currency exchange kiosk. You buy at a slightly higher price and sell at a lower one, pocketing the difference (called the spread). Wintermute takes this to the next level with algorithmic trading, using a delta-neutral strategy. This means they balance buys and sells across platforms like Binance and Coinbase to avoid big risks from price swings. It’s all about small, steady gains—pretty smart, right?

Busting the Market Manipulation Myth

One of the juiciest parts of the convo is Gaevoy tackling the “flat earth” theory of crypto: the idea that firms like Wintermute crash markets to trap retail traders. He shuts this down with math and logic. Shorting low-liquidity altcoins (those risky, small-market tokens) can backfire big time—gains are limited, but losses can skyrocket if prices spike. Plus, retail traders are actually valuable to market makers because their trades create consistent opportunities. The real challenge? Competing with other savvy market makers and funds.

Token Launches and Price Discovery

Wintermute often helps new projects launch tokens, and Gaevoy pulls back the curtain on how it works. They use loans from projects to set up trading on exchanges, analyzing past data to guess fair prices. It’s not about pumping or dumping—it’s about finding a natural price balance. If they think a token’s overvalued, they sell to correct it. Gaevoy calls this “efficient price discovery,” though some see it as shady. What do you think?

Staying Clean in a Wild Industry

Wash trading (fake volume from bots) and conflicts of interest are big issues in crypto. Gaevoy admits wash trading’s still a problem, especially in DeFi, but Wintermute avoids it. They also keep their venture arm separate from trading to dodge conflicts—like when some firms demand both investment and market-making deals. It’s all about building trust for the long haul.

A Dream to Die For: Mars Colonization

Here’s where it gets wild. Gaevoy’s ultimate goal? Colonizing Mars. He’d take a one-way ticket tomorrow if he could, calling it a leap for humanity. He’d even spend his fortune on it. Inspired by SpaceX’s Mars efforts, this dream ties into his competitive spirit—always aiming for the next big leaderboard.

Final Thoughts

Gaevoy’s mix of honesty, competitiveness, and big-picture vision makes this podcast a must-listen. Whether you’re a blockchain newbie or a seasoned pro, his take on fair trading and long-term goals offers a fresh perspective. Head over to When Shift Happens on YouTube or your favorite podcast platform to catch the full episode. What’s your takeaway—intrigued by the trading insights or the Mars dream? Let us know in the comments!