On August 8-9, 2025, Binance executed significant cryptocurrency transfers to market maker Wintermute, moving 8,000 ETH (valued over $12 million) and 110,000 SOL as Ethereum surged past $4,000. Blockchain dashboards confirmed the transactions originated from Binance hot wallets directly to Wintermute, with crypto trader MartyParty noting these were institutional actions rather than client withdrawals.
The ETH transfers coincided with Ethereum's price spike from $3,800 to $4,055, triggering increased market volatility and substantial liquidations. Solana was similarly transferred in large volumes, indicating cross-asset institutional strategies. Binance CEO Richard Teng and Wintermute CEO Evgeny Gaevoy issued no public statements regarding the transactions, which analysts interpret as inventory rebalancing during price milestones.
Historical patterns show such transfers often precede market volatility, with similar Binance-Wintermute movements previously causing price readjustments in governance tokens. The event highlights ongoing debates about exchange transparency amid institutional-scale asset movements impacting liquidity dynamics.