Wintermute OTC head Jake highlighted that banks involved in cryptocurrency trading function as brokers rather than traders. According to recent guidance from the Office of the Comptroller of the Currency (OCC), national banks are permitted to facilitate crypto trades but are prohibited from holding positions or trading for profit. Jake explained that banks purchase assets from clients and swiftly transfer them to liquidity providers, thereby avoiding price risk. This approach aligns with technical analysis strategies in crypto, emphasizing execution over holding. Banks, therefore, act solely as intermediaries, unable to engage in long-term value investing in the crypto market.