Wintermute Deposits 61,847 Ethereum (ETH) Worth $160M on Binance and Coinbase

Wintermute Routes 61,847 ETH to Exchanges

Fresh supply overhang is building over Ethereum after on-chain monitoring flagged a nine-figure transfer from crypto market maker Wintermute. Within a three-hour window ending around 16:23 UTC, the firm deposited 61,847 ETH — approximately $160 million at prevailing prices — across Binance and Coinbase, two venues that sit near the top of our ranking of the best crypto exchanges. Tokens moved onto a trading platform become instantly available to hit the order book, which is why large exchange inflows are conventionally read as sell preparation. That reading is not confirmed here: Wintermute runs continuous two-sided inventory across venues, and market makers routinely rebalance stock between custody and exchange accounts without immediate selling intent. What is verifiable is the scale and the destination — 61,847 ETH routed to the two deepest ETH order books in the market, per the public ledger record. The inflow also lands against a backdrop of tightening float: our earlier reporting tracked how Ethereum exchange supply fell to 15.5M as a breakout test neared, which means each fresh deposit of this size carries proportionally more weight for near-term price discovery.

BlackRock's 20-Day Buying Streak

The whale overhang collides with a persistent institutional bid. On-chain records tracked by Arkham Intelligence show that BlackRock's spot ETF, ETHA, bought roughly $13.9 million worth of ETH in its latest trading session, lifting the fund's total Ethereum purchases over the past 20 trading days to $251.4 million. More striking is the consistency: during that stretch ETHA recorded no outflows at all, sustaining a 20-session inflow streak through sideways, mixed price action and lingering market uncertainty. The contrast with the rest of the Ethereum ETF complex is stark. Peers absorbed repeated withdrawals as downside pressure spread across the market, with Fidelity's FETH among the funds logging notable outflows during the same period. The pattern suggests allocators are concentrating exposure in the largest and most liquid wrapper rather than distributing across the field — and that BlackRock's distribution machine kept pulling capital into ETH even while spot demand elsewhere cooled during the correction.

Arkham Intelligencehttps://x.com/arkham/status/2098353771353096440?s=46

ETH Slides 2.16% in Five Minutes

The tape itself turned violent late in the session. Market-monitor data shows ETH shed 2.16% in just five minutes, changing hands at $2,550.73 as of roughly 15:56 UTC — a move that knocked the asset back below the $2,600 handle in the space of a single candle. Slides of that speed typically point to thin resting liquidity on the book rather than one visible block seller, and they fit the choppy, range-bound conditions Ethereum has printed over recent weeks. The episode also echoes earlier volatility this cycle: in a recent session, Ethereum shorts were liquidated for $250 million in an hour after a CPI-driven reversal, a reminder of how violently leveraged positioning can unwind around the current price zone. Against that backdrop, Wintermute's $160 million deposit now sits on exchanges precisely as the market probes the mid-$2,500s — a caution flag for the broader altcoin complex, where liquidity thins fastest when a major holder moves size. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

ETF Bid Meets the Whale Overhang

Read together, the three prints sketch one thesis: Ethereum near $2,550 is a tug-of-war between concentrated supply risk and steady institutional absorption. The load-bearing record here is the public ledger itself — Wintermute's transfer of 61,847 ETH to Binance and Coinbase is verifiable on-chain regardless of intent, and that fact alone defines the near-term supply ceiling. Standing against it is BlackRock's $251.4 million, 20-day streak of ETHA purchases with zero outflows, as allocators favor regulated ETF wrappers over direct staking exposure. Our read at COINOTAG: direction hinges on whether the ETF bid keeps absorbing whatever the market maker releases. Watch ETHA's daily flow prints and aggregate exchange balances — if inflows persist, the overhang gets absorbed rather than distributed.