Wintermute pulled a net $73.28M off exchanges in the last 24 hours

Over the past day, Wintermute deposited $118.30M to exchanges across 164 transactions and withdrew $191.58M in 157 transactions. The net flow is decisively negative from an exchange balance perspective: the desk removed $73.28M more than it put on.

That is not neutral activity. When a major market maker pulls that much inventory off venues on net, it signals they are currently unloading, not loading. They are reducing the stock available to quote against, not building it ahead of making two-sided markets.

The outlier story here is Wintermute stepping back on inventory exposure across the venues they serve. Other desks may be flat or slowly accumulating, but this $73.28M net pull tells you the heaviest lean right now is toward reducing what sits on exchange order books, not growing it.