Wintermute is pulling back hard – net $63.14M off exchanges in the last 24 hours.

Over that window, Wintermute deposited $146.86M and withdrew $210.00M across 164 deposit transactions and 154 withdrawal transactions. That $63.14M net outflow is not small noise – it’s a clear signal they are reducing inventory on trading venues, not loading it up.

When a desk of this size pulls inventory off exchanges at this pace, it indicates they are not gearing up to make an aggressive two-sided market right now. They are retreating to a lighter position on the venues, which historically precedes a more cautious quoting stance rather than a push into fresh directional flow.