Speculation has been circulating in the Kaspa community that Wallet number 1 — the network’s largest holder — might belong to Wintermute, one of the best-known algorithmic trading and liquidity-provision firms in crypto. The theory gained momentum after a recent transaction linked the wallet to the Dutch exchange Bitvavo, which works closely with institutional liquidity networks such as Talos and CoinRoutes.
Here’s what we actually know. Bitvavo operates a structured Market Maker Program that allows professional trading firms to provide firm quotes and maintain liquidity across its order books. It’s also integrated with Talos and CoinRoutes — both major aggregation and execution platforms used by institutions to route large orders through dozens of exchanges and liquidity providers.
Within these networks you’ll find names like B2C2, Cumberland, Galaxy Digital, Genesis Trading, and others — all of whom supply liquidity to platforms in Europe and the U.S. These firms often work behind the scenes, quoting prices, balancing order books, and ensuring deep liquidity for major tokens. Some are public about their partnerships, while others operate quietly under NDAs or exchange-specific arrangements.
Because of this structure, tracing one specific wallet back to a single market maker is almost impossible. Bitvavo’s documentation refers broadly to “certain liquidity providers” without listing who they are. Likewise, Talos and CoinRoutes connect to both disclosed and undisclosed firms through private agreements.
In short: while it’s understandable that people draw a line between a major Kaspa wallet, Bitvavo, and a global market-making giant like Wintermute, there’s no verifiable evidence tying them together. Bitvavo’s liquidity is supported by a web of professional firms some well-known, others not and without an official statement, linking Wallet 1 to Wintermute remains speculation, nothing more.
