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The cryptocurrency markets struggled throughout December, but a small group of institutional investors managed to end the year with negative results.
New on-chain data from analytics platform Nansen shows that while prices have been under pressure, several major cryptocurrency funds have posted millions of dollars in realized gains, but turned to aggressive selling as the month progressed.
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The elite funds achieve the highest gains in the midst of the market decline
According to Nansen, it stands out Market Maker Wintermute As the most profitable fund in December, recording approximately $3.17 million in realized profits.
Afterwards It is Dragonfly Capital Close by, as the profits were distributed in several portfolios amounting to $1.9 million, $1.0 million and $990,000.
IOSG and Longling Capital were also among the top performing teams. Together, these trends suggest that profits have been concentrated among a recurring group of highly active institutional traders rather than isolated one-time portfolios.
“Profits are concentrated among a small group of recurring funds, not individual portfolios,” he said, noting that consistent execution and active trade management set institutional winners apart from broader market stagnation.
Arrington, Pantera and Bullchain also appeared in Nansen’s 30-day data set from five blockchain networks, each with varying profitability.
December was challenging for most cryptocurrency participants as volatility increased Poor morale at the end of the year.
Despite this backdrop, Wintermute and Dragonfly Capital benefited from short-term opportunities and liquidity.
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Its performance highlights its scale advantage, state-of-the-art business infrastructure, and cross-chain monitoring Periods of market stress.
The Dragonfly strategy was characterized by its diversification in investment portfolios, which allowed the fund to distribute risks while achieving growth in different positions.
At the same time, Wintermute’s dominance reflects its role as a leading liquidity provider capable of… Benefit from volatility instead of being harmed From him
IOSG and Longling Capital also recorded notable gains, placing them among the most profitable funds of the month. Together, the data paint a picture of the institutions’ resilience at a time when retail traders were largely struggling to stay afloat.
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The active profit takes shape the behavior of the chain
However, Nansen’s chain tracking shows that these same profitable funds are now leaning toward selling instead of hoarding.
On December 26th, QCP Capital deposited 199.99 ETH (ETH), worth approximately $595,929, in… The Binance exchangeThis is a step usually associated with preparing the asset for sale.
Wintermut was also active on the sale. While comments on social media accuse the company of aggressively dumping Bitcoin and Ethereum during December’s volatility, data on the chain confirms that Wintermute reduced exposure after building positions earlier in the month.
The activity is aligned with profit and risk management rather than passive holding.
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Similarly, Dragonfly Capital trimmed its positions in… Cloak (Monty). In seven days in December, the fund deposited 6 million MNT tokens, worth about $6.95 million, to Bybit.
Despite these sales, Dragonfly still has 9.15 million MNT tokens, worth about $10.76 million, indicating a partial rather than a full exit.
The contrast between December’s strong earnings and growing selling pressure illustrates a dual corporate strategy:
- Take advantage of volatility when opportunities arise,
- Reduce risks quickly when conditions change.
For professional funds, it can reflect year-end sales I also rebalanced the portfoliopreserve the capital, or prepare for new allocations at the beginning of 2026.
While continued selling by high-yield funds may affect prices in the short term, it may also indicate discipline rather than negative conviction.
