{"id":54504,"date":"2025-10-17T18:58:04","date_gmt":"2025-10-17T18:58:04","guid":{"rendered":"https:\/\/thecryptocurrencypost.net\/es\/?p=54504"},"modified":"2026-05-30T09:42:43","modified_gmt":"2026-05-30T07:42:43","slug":"el-mercado-cripto-se-paraliza-por-la-caida-de-bitcoin-y-la-retirada-temporal-de-wintermute-y-otros-formadores-de-mercado","status":"publish","type":"post","link":"https:\/\/thecryptocurrencypost.net\/es\/el-mercado-cripto-se-paraliza-por-la-caida-de-bitcoin-y-la-retirada-temporal-de-wintermute-y-otros-formadores-de-mercado\/","title":{"rendered":"Por qu\u00e9 Wintermute detuvo operaciones en crash de Bitcoin y la masiva liquidaci\u00f3n"},"content":{"rendered":"<p>El prominente creador de mercado (market maker) Wintermute confirm\u00f3 la pausa de sus servicios durante la reciente volatilidad extrema del mercado. <b>Wintermute detuvo operaciones en crash<\/b> debido a la ruptura de sus reglas internas de cobertura. As\u00ed lo explic\u00f3 Jasper De Maere, estratega de la firma, se\u00f1alando la extrema velocidad de la cascada de liquidaciones que afect\u00f3 al sector.<\/p>\n<p><!--more--><\/p>\n<p>El evento de volatilidad extrema sacudi\u00f3 los cimientos del mercado. Se registraron m\u00e1s de<strong><a href=\"https:\/\/www.coinglass.com\/LiquidationData\" target=\"_blank\" rel=\"noopener noreferrer\"> $19 mil millones en liquidaciones forzadas en 24 horas<\/a><\/strong>. De Maere detall\u00f3 que la firma sigue un enfoque &#8220;muy basado en reglas&#8221;. El objetivo principal es mantener una cobertura &#8220;delta neutral&#8221;.<\/p>\n<p>Esta estrategia busca anular la exposici\u00f3n directa a los movimientos de precios. Sin embargo, <b>la violencia y velocidad de las liquidaciones<\/b> hizo imposible mantenerla. Jasper De Maere explic\u00f3 que cuando las coberturas (como posiciones cortas en perpetuos) tambi\u00e9n son liquidadas, la estrategia colapsa. &#8220;Se vuelve dif\u00edcil. Entonces necesitas revisar toda tu estrategia&#8221;, afirm\u00f3.<\/p>\n<p>Los market makers son esenciales para la <a href=\"https:\/\/thecryptocurrencypost.net\/es\/economia\/\" target=\"_blank\" rel=\"noopener\"><b>econom\u00eda<\/b><\/a> de los activos digitales. Proveen liquidez comprando y vendiendo constantemente. Esto ayuda a estabilizar los precios y reducir los diferenciales (spreads). Cuando pausan, como en este caso, la liquidez desaparece dr\u00e1sticamente. Esto, a su vez, exacerba la volatilidad y crea &#8220;brechas&#8221; en los libros de \u00f3rdenes. <b>Otras compa\u00f1\u00edas como LO:TECH<\/b> tambi\u00e9n confirmaron pausas. Marcus Horsley, su CTO, indic\u00f3 que sus &#8220;interruptores de circuito&#8221; de riesgo se activaron, deteniendo la operativa autom\u00e1ticamente.<\/p>\n<h2>\u00bfPodr\u00eda una nueva cascada de liquidaciones paralizar el mercado?<\/h2>\n<p>La retirada de los creadores de mercado tiene consecuencias sist\u00e9micas. Matthew Nay, analista de Messari, indic\u00f3 que esto genera &#8220;tremendamente menos liquidez&#8221; en los libros de \u00f3rdenes. Greg Magadini, de Amberdata, a\u00f1adi\u00f3 que <b>causa fragmentaci\u00f3n de precios<\/b> severa entre diferentes exchanges.<\/p>\n<p>La cobertura se vuelve impredecible. Magadini se\u00f1al\u00f3 que el &#8220;autodesapalancamiento&#8221; (auto-deleveraging) usado por muchos exchanges, en lugar de fondos de seguro, fue un factor clave. Los market makers no pod\u00edan confiar en sus coberturas, forzando su retirada.<\/p>\n<p>La decisi\u00f3n de que <b>Wintermute detuvo operaciones en crash<\/b> no fue por especulaci\u00f3n, sino como medida de riesgo. De Maere fue claro: &#8220;si podemos crear mercados de forma segura y delta neutral, lo haremos&#8221;. Este incidente expone las fragilidades estructurales del <a href=\"https:\/\/thecryptocurrencypost.net\/es\/tag\/mercado\/\">mercado cripto<\/a> bajo estr\u00e9s extremo. Los inversores y reguladores observan de cerca. Ahora se debate si los exchanges deben reformar sus sistemas de liquidaci\u00f3n para evitar futuras par\u00e1lisis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>El prominente creador de mercado (market maker) Wintermute confirm\u00f3 la pausa de sus servicios durante la reciente volatilidad extrema del mercado. Wintermute detuvo operaciones en crash debido a la ruptura de sus reglas internas de cobertura. As\u00ed lo explic\u00f3 Jasper De Maere, estratega de la firma, se\u00f1alando la extrema velocidad de la cascada de liquidaciones [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":54503,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,259,65],"tags":[29,140,188],"class_list":["post-54504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-editors-picks","category-mercado","category-noticias-bitcoin","tag-blockchain","tag-criptomonedas","tag-mercado"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Por qu\u00e9 Wintermute detuvo operaciones en crash de Bitcoin y la masiva liquidaci\u00f3n The CryptoCurrency Post ESP<\/title>\n<meta name=\"description\" content=\"El market maker Wintermute detuvo operaciones en crash de criptomonedas. 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