Wintermute transferred 2634 ETH to an anonymous address. Why does the market maker remain active during a market downturn?

According to the latest news, at 2:58 AM Beijing time on January 26, 2026, crypto market maker Wintermute transferred 2634 ETH to an anonymous address, worth approximately $7.48 million. This transfer occurred during a period of downward pressure on ETH prices and is also the latest move in Wintermute’s recent series of frequent operations.

Basic Information of the Transfer

This transfer is quite substantial. According to Arkham data, the 2634 ETH transferred, at the current price of $2,841.96, is valued at about $7.48 million. The destination is an anonymous address starting with 0x8e98, with specific purpose not yet clear.

It is noteworthy that the timing of this transfer—2:58 AM Beijing time—is during a relatively quiet period for exchange trading. Such large transfers are usually executed during more liquid times, and choosing non-peak hours may reflect cautious operational behavior.

Market Context: ETH in a Downtrend Cycle

This transfer took place amid a clear decline in Ethereum’s price. Data shows ETH has fallen 3.97% in the past 24 hours and 15.47% over the past 7 days. In this market environment, Wintermute remains active on-chain, which is worth paying attention to.

Recent Behavior Patterns of Wintermute

In recent days, Wintermute’s activity frequency has significantly increased. This transfer is just part of that:

From this sequence, it’s clear that Wintermute is engaging in multiple directions of fund flows: buying mainstream assets like ETH and BTC, while also paying attention to smaller tokens like PIPPIN.

Possible Purposes of the Transfer

Withdrawal or asset allocation adjustment

Market makers need to flexibly move funds across multiple exchanges and wallets. This transfer could be to meet counterparty needs or to adjust asset allocations.

OTC trading operations

Transferring to an anonymous address is a common OTC (over-the-counter) operation. As a top-tier market maker, Wintermute often conducts large OTC deals with institutional clients. This transfer may be in preparation for a large transaction.

Risk hedging

Considering recent downward pressure on ETH and macro risks (e.g., recent massive outflows from US spot Bitcoin and Ethereum ETFs), Wintermute might be adjusting its risk exposure.

Implications of Market Signals

Overall, Wintermute’s behavior indicates that the market maker has not retreated during the downturn but remains quite active. This generally implies two things:

First, continuous operations by market makers suggest market liquidity remains sufficient, and large trades are ongoing. This indicates that institutional investors are reducing risk but not completely exiting the market.

Second, Wintermute’s multiple buy operations at this time (especially the $148 million OTC buy on Jan 23) hint that some long-term optimistic institutional investors may be accumulating at low levels. This contrasts with the recent data on capital outflows—while some institutions are reducing holdings, others are positioning.

Key Points for Follow-up Observation

The significance of this transfer should be assessed in conjunction with subsequent developments. Focus on:

• Whether the anonymous address will have further on-chain activity
• Whether Wintermute continues similar operations in the coming days
• Whether ETH prices stabilize under the support of such large transactions

Summary

While Wintermute’s transfer of 2634 ETH appears to be a routine on-chain transfer, in the current market context, it reflects that the market maker remains active during a downturn. This is not a sign of panic but rather indicates that there are still participants engaging in large trades. The true market direction is often not determined by a single transfer but by the overall behavior patterns of key participants. From Wintermute’s recent multiple operations, despite downward pressure, liquidity and participation still exist.