Wintermute's $160M Transfer Clouds Ethereum Price Rally

The Ethereum price has flashed a bullish signal with the formation of a golden cross between its 50-day and 200-day EMA bands. However, a significant transfer from Wintermute, worth around $160 million, has added uncertainty to the rally.

Wintermute deposited 61,847 ETH into Binance and Coinbase over three hours, causing some concern that this large influx of capital could be sold on the market. The question is whether Ethereum's price can continue to climb with major exchange deposits ongoing.

In addition to Wintermute's transfer, Bitfinex recorded a significant inflow of $495 million in positive ETH netflow on September 10, its highest reading since February 2, 2025. This contrasts with Binance and OKX, which saw net outflows of around $244 million and $99 million, respectively.

The split between exchange flows is striking, with Bitfinex's inflow being about 44% larger than the combined Binance and OKX outflows. While positive exchange netflow indicates that more ETH entered an exchange than left it, the distinction matters in this case as neither flow direction alone confirms whether the assets are intended for selling.