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Leading crypto maker Wintermute has recently accelerated BTC deposits into major exchanges, as revealed by The Data Nerd’s on-chain data. This activity for Bitcoin is considered a sign that selling pressure may be strengthening.
Wintermute Deposits BTC into Binance, Kraken, and Bitfinex
According to recent data, Wintermute deposited a total of 575 BTC worth approximately $32.34 million into Binance, Kraken, and Bitfinex exchanges in the past 24 hours. This significant movement in Bitcoin caught the attention of market observers and signaled potential trading activity or strategic positioning in the highly volatile crypto market.
Furthermore, approximately six hours ago, Wintermute deposited 244 BTC worth about $13.7 million into Binance and 101 BTC worth approximately $5.67 million into Bitfinex. These transactions are part of an observed increase in deposit activities to centralized exchanges over the past 24 hours, including a significant transfer to Kraken. While the reasons behind these large deposits remain unclear, such transactions typically precede significant market actions like large-scale trading, liquidity provision, or potential asset repositioning.
Wintermute’s Transactions Are Crucial for the Market’s Short-Term Direction
The sudden increase in deposits by Wintermute coincides with a period of increased market volatility, as Bitcoin’s price fluctuates amid various macroeconomic and sector-specific events, making this activity more noteworthy. As a leading player in the crypto market-making space, Wintermute’s actions often serve as a precursor for other institutional participants and directly influence market sentiment.
While the intentions behind the crypto maker’s significant Bitcoin transactions remain speculative, the increased activity on major exchanges suggests a strategic move to capitalize on current market conditions.
At the time of writing, Bitcoin’s price is trading at $56,402, down 1.24% in the last 24 hours, indicating selling pressure. Data shows that the largest cryptocurrency has fallen by 4.28% over the past 7 days.
