Wintermute net pulled $20.34M off exchanges in 24h — the desk is unloading inventory.

The numbers are symmetrical in volume (96 tx each side) but asymmetric in value: $89.51M in, $109.85M out. That $20.34M net outflow means more capital left venues than entered. When a major market maker systematically pulls more than it deposits, the lean is toward reducing exposure on those venues, not building a fresh book.

The story is Wintermute stepping back from exchange-side inventory. Net MM flow into a venue precedes the direction they intend to make a market — pulling inventory off typically signals they are not preparing to expand two-sided liquidity there in the immediate window.