Wintermute runs a $19.6M net withdrawal, pulling inventory off venues while still streaming $57.8M in deposits

Wintermute sent $57.76M in deposits across 106 transactions but pulled $77.39M off exchanges through 162 withdrawals. The gap is not marginal: the $19.64M net outflow means the desk removed significantly more capital than it placed.

While both directions remain active, the imbalance leans toward unloading. When a major market maker reduces its exchange footprint while still showing two-way flow, it often precedes a shift in where they intend to concentrate liquidity.

The desk is running a clear outflow bias across the last 24 hours, with withdrawals outpacing deposits by a wide margin, which is consistent with reducing exchange inventory.