Wintermute Continues Large-Scale ETH Withdrawals from Lido, Potential Sale Looms
Wintermute, a leading market maker, has continued its significant withdrawals of unstaked ETH from Lido.
Yesterday, the Wintermute address 0x13D91F9F received a total of 11,007 ETH from Lido, valued at approximately $27.27 million. Shortly after, 5,501 ETHworth around $13.8 millionwas transferred to Coinbase, indicating a possible sale.
Wintermute Lido
9 Wintermute 0x13D91F9F Lido 11,007 ETH 2727 5501 #Coinbase 1380
Wintermute 30,007 ETH 14,500 https://t.co/Ky12ryMsWo pic.twitter.com/fdSi6TFRbg
Ai (@ai_9684xtpa) August 29, 2024
This marks the second major instance in recent days where Wintermute has withdrawn substantial amounts of Lido-staked ETH and deposited them onto exchanges. On August 27, the firm emerged as one of the few institutions executing large-scale redemptions from Lido. Wintermute had received 19,000 ETH from Lido, valued at about $49.4 million, and subsequently transferred the ETH to Coinbase in batches.
Lido ETH
Wintermute Lido 19000 ETH 4940 #Coinbase
8999 https://t.co/DBVMVgURKR pic.twitter.com/EakPVVRQGn
Ai (@ai_9684xtpa) August 27, 2024
14,500 ETH Moved To Coinbase
Over the past three days, Wintermute has redeemed a total of 30,007 ETH from Lido, out of which 14,500 ETH have already been moved to Coinbase. This series of transactions strongly suggests that Wintermute is preparing for, or has already begun, selling off significant portions of its ETH holdings.
The timing and scale of these transactions have raised eyebrows in the crypto community, sparking speculation about Wintermutes strategy and the potential impact on the market. Given the size of these transfers, any substantial sell-off could influence ETHs price, especially considering the current market volatility.
As Wintermute continues to manage its large ETH holdings, the market is closely watching for any further developments. Whether this activity is part of a broader trading strategy or a response to market conditions, it underscores the influence that institutional players like Wintermute have on the crypto landscape.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: tongpatong321/123RF // Image Effects by Colorcinch
Read more: https://nulltx.com/wintermute-continues-large-scale-eth-withdrawals-from-lido-potential-sale-looms/
Text source: NullTX
