Giant Market Maker Wintermute Dumped All of This Altcoin to Binance

Interestingly, crypto market maker Wintermute dumped almost the entire altcoin in its portfolio onto Binance, according to Onchain data.

According to the data, Wintermute moved his 2,617 Wrapped Bitcoin (WBTC) to Binance. The total market value of these altcoins is at $155.27 million.

Although WBTC is technically an altcoin, it can be defined as a version of Bitcoin that is locked in a specific smart contract and distributed to users instead of a version that can be used on DeFi platforms. However, WBTC is seen as a worthless altcoin, especially by BTC maximalists.

WBTC is actually a cryptocurrency that has recently become familiar in the cryptocurrency market. A short while ago, there were claims that the controversial name Tron founder Justin Sun took over the management of this altcoin. However, Bitgo, the intermediary institution in the storage of WBTCs, denies these claims.

On the other hand, onchain data again shows that a large crypto whale starting with the address 0x692 may have taken a long position in WBTC. According to the data, the whale in question added 124 tokens to its WBTC holdings hours ago. In addition, it has collected a total of $53.75 million worth of WBTC in the last two months and did so at an average price of $63,513. Since the price of WBTC is currently indexed to BTC, we can say that this whale is currently at a loss.

*This is not investment advice.