Analysis: The short-term pump of FLUID might be due to Wintermute buying back to repay, using only a 40% price for market making.

Odaily News On-chain analyst @AmirOrmu posted on the X platform, stating that FLUID recently rose by 50% in a short time, possibly due to Wintermute's buying actions. It is understood that Wintermute purchased $500,000 worth of FLUID tokens on-chain, and with the upcoming expiration of market maker loans, this means they are buying back the tokens sold earlier this year at a discounted price to repay the loans. (They acquired the FLUID tokens at a price of $10 each; now they only need to repurchase at about $4). These market makers sell the tokens directly after receiving them and then buy them back at a significant discount a year later to repay the loans, which is referred to as a profitable market maker operation. Additionally, he mentioned that Wintermute's loan amount is 700,000 FLUID, and they currently hold about 370,000 FLUID on-chain tokens, as well as at least 350,000 FLUID on CEX, so they do not need to increase their holdings of FLUID, which is enough to repay the loans. The loan expiration date is approximately mid-December.