Major market maker secretly offloaded 1,213 BTC onto Binance during New Year’s Eve thin liquidity
On-chain data suggests market maker Wintermute deposited a net 1,213 BTC onto Binance during low-liquidity New Year's Eve, but refuted claims of urgent accumulation on January 2.Summary
On-chain analysis indicates that the market maker Wintermute moved a net 1,213 BTC (worth about $107 million) onto Binance on December 31, 2025, during periods of traditionally thin liquidity, aligning with accusations of dumping into weakness. This net deposit pattern continued over three consecutive days, totaling roughly 600 BTC moved onto the exchange's infrastructure. However, the data contradicts a second accusation that Wintermute urgently accumulated Bitcoin on January 2; on that day, the firm experienced a net distribution of 418 BTC across tracked exchanges, suggesting active market-making rotation rather than directional buying. While blockchain records confirm the custody transfers onto Binance during vulnerable market conditions, proving actual immediate sales or confirming manipulation requires invisible order book data.
(Source：CryptoSlate)