Wintermute Unloads $99 Million in Bitcoin to Binance

Wintermute, one of the most active market makers in crypto, transferred nearly $100 million worth of Bitcoin to Binance over an 18-hour period. The firm deposited 1,279.99 BTC in eight transactions, with the most recent transfer involving 90.1 BTC valued at about $6.97 million.

The timing of the deposits has raised eyebrows, occurring while Bitcoin traded between $75,000 and $80,000. Large exchange deposits are often viewed as a potential signal of selling pressure, but Wintermute's activity may also reflect routine liquidity management or client transactions.

CryptoQuant data shows exchange inflows were slightly elevated over the past 48 hours, though not at panic levels. On a 30-day basis, Binance's Bitcoin netflow remains slightly negative, suggesting broader withdrawal activity could offset the deposits.