Wintermute's $160M Ethereum Move Triggers Price Rejection

Ethereum (ETH) experienced one of its most volatile sessions in recent quarters, with prices spiking to $2,667 and then retreating to around $2,542.

The token's price action was closely tied to the release of United States inflation data, which came in below consensus and triggered a short squeeze that drove ETH prices higher.

However, as the squeeze stalled, Wintermute, one of the largest liquidity providers in digital assets, moved 61,847 ETH worth $160.3 million onto Binance and Coinbase, raising concerns about potential selling pressure.

The deposit size is significant, but it's smaller than the $307.48 million in liquidations already forced through perpetual futures during the session, suggesting that derivatives played a more significant role in driving the price action.