After rising to $2,665, it fell back to around $2,580. The price structure has improved, but market maker Wintermute transferred a large amount of ETH to the exchange, which has led to more cautious sentiment regarding this round of gains.

Wintermute transferred 61,800 ETH in three hours

It is reported that Wintermute transferred 61,847 ETH to Binance and Coinbase within about three hours, which is approximately 160.3 million US dollars at the then price.

Such transfers themselves do not equate to selling, but when prices have just started to strengthen, large amounts of funds transferred into exchanges are often seen by the market as a potential source of selling pressure. Especially after a short-term increase in price, investors are more concerned about whether there will be a realization of profits later on.

Divergence in exchange capital flows observed

Apart from the transfer indicated by Wintermute, there is no consistent direction in the overall capital flow of the exchange. Reports indicate that there was approximately $495 million in ETH inflows into Bitfinex, which is one of the larger single inflows for the platform since 2025.

At the same time, Binance recorded a net outflow of approximately $244 million, and OKX recorded a net outflow of approximately $99 million, with the total net outflow for both amounting to about $343 million.

• Bitfinex: Approximately $495 million in inflows
• Binance: Approximately $244 million in net outflows
• OKX: Approximately $99 million in net outflows

This means that the behavior of funds on different platforms is not consistent. The inflow scale of Bitfinex is even higher than the combined outflow of Binance and OKX, indicating that there are clear divergences in the market during the same period of time.

For the price to strengthen, additional buying orders are still needed to follow through.

The report mentioned that ETH previously formed a “golden cross” between the 50-day and 200-day moving averages, which is generally considered one of the stronger signals. However, a single technical pattern is not sufficient to confirm that a trend has stabilized.

In the United States, before the release of the CPI data, the market was already cautious. The current situation with ETH is that although the graphical structure has improved, the direction of capital flows in the exchanges is not consistent. To maintain a trend near the high levels during the session, there will still be a need for clearer buying support in the future.

In the short term, the upward movement around $2,665 indicates that there is a willingness to buy in the market, but the large influx of ETH into the exchanges still puts pressure on the market. Moving forward, whether funds will continue to flow out of the exchanges and whether prices can remain stable after a pullback will become key focuses of market attention.