Key Highlights
- Bitcoin dipped to $84K amid post-crash volatility, but recovered slightly to around $88K.
- Binance’s spot delta has stayed negative daily since October 10, signaling persistent selling pressure on Bitcoin.
- Large BTC transfers from Wintermute wallets spark renewed rumors of the firm’s forced liquidation.
The world’s largest cryptocurrency Bitcoin (BTC) dipped to the $84,000 range on Thursday, reflecting ongoing volatility in the cryptocurrency market following a challenging end to 2025. Amidst this, traders have been closely monitoring unusual activity on Binance, the world’s largest crypto exchange, where a key metric known as Spot Delta—the difference between daily spot buying and selling volume—has remained negative every day since the October 10 market flush.
The metric, highlighted in a widely shared post by cryptocurrency trader MacroCGR on X, has fueled speculation about sustained selling pressure. Negative spot delta typically indicates more selling than buying in the spot market, which can contribute to downward price momentum.
Quoting the post, CryptoGodJohn, another popular trader and analyst, pointed towards the significance of the metric. The analyst questioned whether major market maker Wintermute is offloading large amounts of Bitcoin through the platform, fueling speculations around the market makers’ suspected self-liquidation.
This pattern emerged shortly after a dramatic flash crash on October 10, triggered by geopolitical tensions and the U.S. President Donald Trump’s announcement of steep tariffs on Chinese imports. At the time, that event led to a record $19 billion in liquidated leveraged positions across crypto markets, with Bitcoin plunging from highs near $126,000 to below $105,000 in hours.
Crypto market struggling to stand still
The broader crypto market has struggled to regain footing since the October 10 crash, with Bitcoin down roughly 30% from its all-time high and trading in a range-bound pattern for much of December. Analysts attribute part of the weakness to deleveraging, reduced retail enthusiasm, and correlation with traditional risk assets amid macroeconomic uncertainty.
At the time of publishing, Bitcoin was trading near $88,130, up nearly 4% from its daily low, showing slight recovery from the recent downtrend, as per CoinMarketCap data.
Despite the short-term pressures, some metrics offer a more optimistic long view. On-chain indicators show reduced outflows from smaller (also known as “shrimp”) wallets and Bitcoin forming higher lows in recent weeks, suggesting potential accumulation by long-term holders. Moreover, institutional interest remains evident through spot Bitcoin ETFs, which have seen decent inflows even during downturns.
The situation underscores the crypto market’s sensitivity to exchange-specific dynamics and large-player activity, reminding investors of the risks in a highly leveraged and opaque ecosystem.
Speculations around Wintermute liquidation
Market participants have linked the ongoing negative delta to Wintermute, a prominent trading firm and liquidity provider. On-chain data from Arkham Intelligence showed Wintermute-linked wallets transferring substantial BTC and Ethereum (ETH) volumes to exchanges, including Binance, in late November and early December—estimated at over $1.5 billion in Bitcoin alone.
Some observers interpret this as “dumping,” while others suggest it reflects routine market-making activities, client order execution, or risk management amid turbulent conditions.
Wintermute has previously described the period as a “digestion phase” for the market, emphasizing rotation into core assets like Bitcoin rather than broad sell-offs. CEO Evgeny Gaevoy had previously stated on October 11 that Wintermute is perfectly fine and they are running their business as usual.
However, whenever selling in crypto markets intensifies, analysts and most prominent names in the crypto do not forget to poke Wintemute around their rumored collapse in October crash.
“At this point I am almost 100% convinced that Wintermute went under on 10/10/2025 and the cohort of CEXs have been trying to make them solvent again by liquidating retail traders through this forced selling,” noted a user in a recent post, pointing to recent volatility in the market.
The Crypto Times reached out to the Wintermute team, but representatives for the firm did not immediately respond to requests for comment on the latest speculation.
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