On-chain shows Wintermute moved 1,213 BTC to Binance on Dec. 31, 2025

Wintermute transferred a net 1,213 BTC, about $107 million, to Binance on Dec. 31, 2025 during thin liquidity. Further net deposits continued on Jan. 1 and Jan. 2, while the alleged urgent accumulation ahead of the Jan. 2 Fed announcement was not supported by the day’s net flows. Records indicate inventory distribution rather than directional buying.