Dipak Shah

Head of OTC Trading

Dipak has 20+ years of experience managing and running trading businesses as a proprietary risk taker and as a market maker in FX and Rates. He has held senior trading roles at Goldman Sachs and Citi in London, Tokyo and Hong Kong as well as being a Macro Portfolio Manager on the buyside with Capula Investment Services in London. He has an MSc in Mathematical Finance from Oxford University and has been a crypto enthusiast for most of his investing career.

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Articles by this author

Illustration generated with ChatGPT showing a stablecoin vault with labels: "Licensing", "Reserves", "Audit", and "AML"

Market commentary

Portofino Mint - 16 June 2025

Crypto investment funds hit a record $167B AUM

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Illustration generated with Chat GPT showing a Timeline-Style Evolution of Stablecoins Left to right: Crypto trading → Cross-border → Remittances → Banking infrastructure Caption: “The Rise of Stablecoins: From Niche to Necessity”

Opinion

Stablecoins Go Global

Once a niche tool, stablecoins are quietly becoming financial lifelines around the world

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Promotional image featuring Dipak Shah, Head of OTC Trading at Portofino, alongside the text: 'In Conversation with Dipak Shah – OTC Trading is maturing fast'

Opinion

In Conversation With Dipak Shah, Head of OTC Trading at Portofino

Dipak Shah on crypto OTC trends and why he joined Portofino from traditional finance.

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A striking digital illustration depicting a split-screen contrast between a red bear and a green bull, symbolising bearish and bullish market sentiment. A signpost in the centre points to “Inflation” and “Rate Hikes,” highlighting macroeconomic forces driving financial markets. Ideal visual for articles on market volatility, investor psychology, or economic outlooks.

Market commentary

Portofino Mint - 30 June

Crypto markets roared in June with ETF inflows, Circle’s IPO success, & rising stablecoin adoption

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Market commentary

Portofino Mint - 7 July

Crypto recap: BTC steady, ETH up, Robinhood’s big move, tariffs & ETF flows dominate

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A stylized scene of a rocket-shaped Bitcoin soaring into a clear blue sky above clouds marked “$105K–$110K range,” symbolizing the breakout. Below, Ethereum and Solana balloons rise alongside, each tethered to elements like “ETF inflows” and “DeFi TVL.” Floating in the background are buildings labeled with TradFi names like "BNY Mellon," "Deutsche Bank," and "S&P," connected to the sky by tokenized bridges. A rising sun labeled “Macro Tailwinds” could cast light over the entire scene, reinforcing the sense of a new chapter

Market commentary

Portofino Mint - 14 July

Bitcoin soars to new highs as crypto adoption and ETF inflows accelerate.

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A 2D digital illustration symbolizing crypto market rotation, featuring coins like Bitcoin, Ethereum, XRP, TRON, and Avalanche shifting positions on a stylized circular track. The image reflects changing market leadership with vibrant, dynamic lighting and a sense of motion

Market commentary

Portofino Mint - 28 July 2025

Altcoins gain traction as Bitcoin steadies and institutions deepen crypto adoption

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A 2D digital illustration symbolizing the current policy developments in the US, Paypal's "Pay with Crypto" programme and eToro's announcement for tokenised US stocks

Market commentary

Portofino Mint - 4 August 2025

From price action to policy, this week had it all.

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Digital illustration of cryptocurrency rotation, showing Bitcoin, Ethereum, and altcoins in a dynamic, colorful market cycle.

Market commentary

Portofino Mint - 11 August 2025

401(k) Bitcoin access, Ivy League investments, Ripple clarity, and tokenization drive crypto gains.

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Bitcoin surfer riding a big wave, Ethereum surfer catching a slightly bigger swell, with altcoin surfers on smaller but rising waves. Perfect metaphor for "riding the rotation wave.

Market commentary

Portofino Mint - 18 August 2025

ETH leads with $2.9B ETF inflows as BTC cools and altcoins rally on rotation.

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ETH Stealing the Spotlight: A stage scene: Bitcoin sitting on a throne, but Ethereum stepping forward under a spotlight, glowing brighter. Altcoins (SOL, XRP, BNB) lined up behind ETH waiting for their turn. Captures ETH’s surge and “your move, Bitcoin” narrative.

Market commentary

Portofino Mint - 26 August 2025

ETH surges under the spotlight, BTC holds steady, and altcoins wait their turn in market rotation.

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Illustration of the crypto market at a crossroads: Bitcoin hesitates at a fork in the road, while Ethereum, Solana, and Cronos sprint ahead. In the background, Google unveils a blockchain flag, Interpol shines searchlights in a crackdown, and storm clouds represent tariffs and Fed politics.

Market commentary

Portofino Mint - 1 September 2025

BTC stalls, ETH soars, CRO surges, Google joins the blockchain race.

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Open corporate vault filled with glowing Solana coins, spotlighting SOL as the new corporate treasury asset, with Bitcoin and Ethereum coins in the background.

Market commentary

Portofino Mint - 15 September 2025

Solana joins corporate treasuries with billion-dollar moves as ETF inflows return.

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A corporate balance sheet listing cash, bonds, equities, and real estate is shown alongside digital assets — Bitcoin, Ethereum, Solana, Litecoin, and Dogecoin — symbolizing the shift of corporate treasuries into crypto.

Thought leadership

From Bitcoin to Solana: How DAT Are Reshaping Corporate Balance Sheets

Public companies worldwide are reinventing as DATs, adding BTC, SOL, and DOGE to their balance sheets.

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Market commentary

Portofino Mint - 22 September 2025

ETF approvals, Solana’s $1bn treasury, and altcoin rotation shape crypto markets this week.

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Conceptual illustration of September’s crypto market storm and October’s potential recovery. Bitcoin and Ethereum slide down a steep slope as a red wave of $3.4B liquidations crashes behind them. A looming Federal Reserve building with a hawk silhouette and rising bond yield arrows cast a shadow on the left. On the right, a sunrise labeled ‘Uptober’ breaks through storm clouds, illuminating BNB, Avalanche, Hyperliquid, and Plasma tokens climbing upward — symbolizing resilience and new growth.

Market commentary

Portofino Mint - 29 September 2025

September ended with $3.4B liquidations and macro headwinds, but Uptober could revive crypto with fresh catalysts from Tether, BNB, AVAX, HYPE, and Plasma.

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Illustration of two rivers merging into a central lake labeled “Crypto Market.” The left river, titled “Everyday Finance,” shows icons for remittances, mobile wallets, and stablecoins. The right river, titled “Investment & Infrastructure,” features icons for ETFs, banks, and corporate finance. At the confluence, financial chart symbols represent price discovery, symbolizing how grassroots and investment-driven adoption converge in the crypto market.

Thought leadership

Crypto Adoption in 2025: Two Tracks, One Market

Two-speed crypto adoption: everyday finance and investments converge in the market.

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Bitcoin Ethereum and Solana breaking through a digital glass ceiling symbolizing new crypto all-time highs

Market commentary

Portofino Mint - 6 October 2025

Bitcoin and Ethereum hit record highs as ETF inflows and adoption surge.

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Bitcoin and Ethereum near the rim of a red whirlpool as altcoins sink deeper, symbolizing the liquidity drain after Trump’s tariff shock

Market commentary

Portofino Mint - 13 October 2025

Crypto crash: $20 B liquidations and record volatility shake the market

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A large golden Bitcoin churns dark waters with turbulent ripples, while a glowing gold bar floats above, untouched — symbolizing market shockwaves and gold’s resilience.

Market commentary

Portofino Mint - 20 October 2025

Bitcoin ripples amid ETF outflows and volatility, while gold stands firm as safe-haven demand surges.

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An image in two parts, one on the left representing a red box with the word 'Tariffs' written in all caps and a own arrow underneath and one one the right representing an upward-pointing green arrow and a Bitcoin coin overlaying it

Market commentary

Portofino Mint - 28 October 2025

Bitcoin’s resilience and Ethereum’s renewed ETF momentum suggest underlying demand remains firm, but volatility is likely to stay elevated as macro conditions evolve

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A glowing blue coiled spring set against a background of faint candlestick and line charts, symbolizing compressed volatility and balanced tension across global markets and digital assets.

Market commentary

Portofino Mint - 2 November 2025

Markets tighten as volatility compresses across macro and crypto.

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Illustration showing the split between risk-off rotation and speculative surge — defensive capital moving into safe assets on one side and a glowing prediction-market sphere on the other

Market commentary

Portofino Mint - 10 November 2025

Traders retreat to safety as prediction markets hit record highs.

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Asymmetric bid-ask chart showing tightening liquidity and cautious investor behavior

Market commentary

Portofino Mint - 17 November 2025

Liquidity tightens as investors turn defensive ahead of year-end.

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Stormy crypto market scene with BTC falling, ETH under pressure, extreme fear gauge, and ETF outflow signals.

Market commentary

Portofino Mint - 25 November 2025

Crypto hits extreme fear as BTC/ETH fall, ETFs see heavy outflows, and macro pressure rises.

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A split-screen crypto illustration showing BTC and ETH range-bound candlesticks on the left and SOL rising toward $140 on the right.

Market commentary

Portofino Mint - 1 December 2025

Range-bound majors, selective inflows into SOL and staking assets.

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Illustration of Ethereum engine upgrades, rollup scaling, gas futures, and ZKsync Lite sunsetting in 2026.

Market commentary

Portofino Mint - 8 December 2025

ETH upgrades, and mixed ETP flows shape this week’s crypto outlook.

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Illustration showing Bitcoin and Ethereum prices moving sideways in the foreground, while institutional crypto infrastructure—tokenized funds, stablecoin rails and financial market plumbing—continues to expand in the background.

Market commentary

Portofino Mint - 15 December 2025

Crypto prices pause as institutions expand tokenization, stablecoins and market infrastructure.

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