According to reports, Wintermute faced scrutiny for allegedly dumping Bitcoin onto Binance during New Year's Eve's thin liquidity and then purportedly buying coins ahead of a Fed announcement. On-chain data supports the claim that Wintermute moved 1,518.6 BTC to Binance while withdrawing only 305.5 BTC on December 31, resulting in a net deposit of 1,213 BTC. The timing of these transfers occurred during traditionally low-liquidity windows. Bitcoin's price experienced a drop during this period. On January 1 and 2, Wintermute continued to deposit more Bitcoin than it withdrew. However, the accusation that Wintermute urgently accumulated Bitcoin on January 2 is not supported by on-chain records, which indicate net distribution rather than accumulation.

According to reports, Wintermute faced scrutiny for allegedly dumping Bitcoin onto Binance during New Year's Eve's thin liquidity and then purportedly buying coins ahead of a Fed announcement. On-chain data supports the claim that Wintermute moved 1,518.6 BTC to Binance while withdrawing only 305.5 BTC on December 31, resulting in a net deposit of 1,213 BTC. The timing of these transfers occurred during traditionally low-liquidity windows. Bitcoin's price experienced a drop during this period. On January 1 and 2, Wintermute continued to deposit more Bitcoin than it withdrew. However, the accusation that Wintermute urgently accumulated Bitcoin on January 2 is not supported by on-chain records, which indicate net distribution rather than accumulation.