Binance Transfers Massive Ethereum to Wintermute as Price Breaks $4K

Ethereum surged above $4,000 today. It remained above this level even as Binance moved tens of thousands of ETH to market maker Wintermute.

Binance’s Ethereum Transfers to Wintermute Spark Market Concerns

Data from Arkham Intelligence shows Binance hot wallets sent thousands of ETH to market maker Wintermute within hours of the price surge.

The transactions began with steady flows of 250 to 500 ETH per transfer. Larger movements followed, including single transactions exceeding 1,800 ETH. One of the biggest recorded was over 3,000 ETH, worth more than $12 million at current price.

The transfers went to Wintermute-linked addresses across Bybit, Kraken, Gate, and its own market-making wallets. In less than seven hours, the combined outflows from Binance to Wintermute exceeded tens of thousands of ETH.

The timing aligned closely with when Ethereum price move from the $3,800 range to above $4,055, a level not seen in months. The rally stalled shortly after the outflows began. This was the same time that the price was retreating after reaching this high price level.

Wintermute is a top crypto market maker, which is why the transfers became the focus of attention. In most instance, these acts are usually succeeded by massive changes in liquidity or market positioning.

When large amounts of ETH are transferred out of exchange wallets to market maker wallets, it may signal that high-volume trades are about to happen. This move coincides with other Ethereum ecosystem developments. For instance, SharpLink secured a $200 million raise to increase its Ethereum treasury to over $2 billion.

Sustained selling might limit the short-term gains of Ethereum even though it has just broken above the $4000 level. On the other hand, if the ETH is mainly for liquidity provision, the rise may be stable.

Price Remains Above $4,000

According to the TradingView data, Ethereum price is currently up by 4.33% within 24 hours. It has gained 26% in volume, which is worth $46.86 billion.

Ethereum remained just above $4,030, holding most of its daily gains but showing increased volatility. The next sessions will determine if the $4,000 level acts as new support or a temporary peak.

Ted Pillows, a market analyst, highlighted the correlation. He claimed that Binance had been “aggressively selling” in the past hour, dragging the price down.