Wintermute’s $107M Bitcoin Dump on Binance Exposed: On-Chain Data Reveals Secretive Year-End Moves
A major crypto market maker secretly offloaded $107 million in Bitcoin onto Binance during New Year’s Eve, exploiting thin liquidity to pressure prices—while claims of urgent accumulation before the Fed’s rate decision fall apart.
On Dec. 31, 2025, Wintermute deposited 1,213 BTC ($107 million) to Binance during low-liquidity hours (06:43 UTC and 18:10 UTC), as Bitcoin fell from $92,000 to $91,500. Net deposits continued through Jan. 2, 2026, with 2,654 BTC total deposited and 2,055 BTC withdrawn, leaving ~600 BTC on Binance infrastructure.
On Jan. 2, Wintermute received 2,091.8 BTC from external addresses but sent out 2,509.7 BTC, ending the day with a net reduction of 418 BTC. Transactions involved exchanges like Gate, Crypto.com, and KuCoin, but 933 BTC of Jan. 2 outflows went to Binance alone.
On-chain data confirms directional selling during thin liquidity but does not prove manipulation or market-making intent. The analysis excludes untagged wallets, off-chain trades, and synthetic BTC products.
Look, the timing of these moves suggests Wintermute may have been hedging against volatility, but the lack of visibility into untagged wallets means the full picture remains obscured. The Fed’s rate decision looms, yet the data offers no clarity on whether this was routine market-making or strategic positioning.
⚠️ LEGAL DISCLAIMER: This article is for informational purposes only and does not constitute financial or investment advice.
