AI MARKET READ · 2026-07-18
↗ BULLISH
Wintermute net pulled $55.90M off exchanges in 24h – the lean is unloading.
Q Where are the market makers leaning right now?
Wintermute net pulled $55.90M off exchanges in 24h – the lean is unloading.
The desk recorded $149.02M in deposits against a heavier $204.92M in withdrawals across 466 total transactions. That $55.90M net outflow means inventory is being pulled off venues, not parked for immediate market-making.
When a major liquidity provider shifts to net withdrawals like this, it often precedes a quieter or more defensive posture on those exchange books.
MAIN THESIS
Across the broader desk landscape, Wintermute's direction stands out. The net pullback of inventory suggests they are reducing exposure on the venues where retail flow typically rests, rather than loading up ahead of a two-sided quoting campaign. The lean is clear: off-exchange right now.
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