Ethereum’s climb past $4,000 yesterday marked one of its strongest moves in months — but an unexpected wave of large transfers from Binance to Wintermute has introduced uncertainty about whether the rally can hold.
Recent data shows that shortly after ETH broke above the $4K threshold, Binance hot wallets began sending sizeable amounts of the cryptocurrency to the prominent market maker.
The activity started with relatively small batches of 250–500 ETH per transaction, but quickly escalated to much larger movements, including one transfer of over 3,000 ETH — worth more than $12 million at current prices.
Over the course of less than seven hours, these transfers added up to tens of thousands of ETH, routed to Wintermute-linked addresses across Bybit, Kraken, Gate, and its own market-making wallets. The timing was hard to ignore: Ethereum had jumped from around $3,800 to $4,055 before losing momentum shortly after these outflows began.
Wintermute is known for facilitating liquidity across multiple exchanges, which can involve both large-scale buying and selling. If the ETH is being positioned for active selling, it could put pressure on prices in the short term. However, if the funds are intended for liquidity provision or arbitrage, the effect on price could be neutral or even supportive.
This market activity unfolds alongside significant developments within the Ethereum ecosystem. Just this week, SharpLink announced a $200 million raise, aiming to expand its Ethereum treasury to over $2 billion — a move seen by some as a sign of long-term institutional confidence in the asset.
For traders and investors, the next few days could be critical. Sustained selling from Wintermute’s new ETH holdings could spark a pullback, but if the inflows are used strategically for market-making, Ethereum’s push above $4,000 might prove more resilient than skeptics expect.
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Reporter at Coindoo
Source: https://coindoo.com/binance-sends-tens-of-thousands-of-eth-to-wintermute-after-price-surge/