Ethereum volatility spikes after Wintermute’s $160M deposit
Ethereum (ETH)
Editor:
Eugene Serbin
ambcrypto.com reports that Ethereum experienced sharp volatility after reclaiming $2,500 and climbing to $2,600 before falling toward $2,400. At press time on 13 September 2026, the asset traded near $2,524, up 2.26% daily and 2% weekly. Lookonchain reported that Wintermute deposited 61,847 ETH worth $160.3 million into Binance and Coinbase.
This transfer raised selling concerns, though an exchange deposit does not confirm a sale as market makers often move inventory for liquidity provision. Despite this large deposit, Ethereum’s broader Exchange Supply continued falling, with Binance reserves reaching a three-month low. The Exchange Supply Ratio declined for ten consecutive days to reach 0.125, a level not seen since 2016.
SwissIntelligence data showed that 196 whales were distributing ETH compared with 125 accumulating. The True Strength Index had declined since forming a bearish crossover, while the Balance of Power remained negative. This imbalance suggested that large-holder selling continued weighing on price momentum despite the shrinking liquid supply.
How the market reacted
Whalio's own Binance spot order flow for ETH, measured when this story was written up on 13 September 2026. Not the outlet's figures.
Whalio’s spot data shows ETH trading at $2,525.93 with a 24-hour buy ratio of 49.6%, indicating near-even distribution between buyers and sellers. The 1-hour buy ratio sits at 45.3% and the 4-hour ratio at 45.9%, both lower than the 24-hour average, suggesting that short-term buying pressure is fading relative to the daily trend. Volume Delta reflects this weakness, showing a net outflow of -$679,923 in the last hour and -$2,808,004 over four hours. Over the full 24 hours, the Volume Delta is -$3,162,182, with the Cumulative Volume Delta closing at -$1,281,567. This negative delta indicates that sell orders are executing at higher volumes than buy orders, pushing the price down despite the neutral buy ratio. Net buying occurred in only 12 of the last 24 hours, confirming that sellers held the advantage during this period.
The latest daily buy ratio of 46.8% sits at the 16th percentile of the last 322 days, against a median of 49.5% - weaker buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ETH, averaged over the days leading up to the story.
Comparing today’s activity to the preceding week reveals a market that is trading at half its usual volume, with 24-hour spot volume at $404,101,047 against a 7-day average that would imply roughly double that activity. The 7-day average buy ratio was 48.9%, while today’s 24-hour ratio of 49.6% is 0.7 points higher, showing a slight increase in buying intensity despite the lower volume. Over the past eight days, the Volume Delta totals -$106,941,827, indicating a sustained net outflow of capital over the week. Only two of the last seven days saw net buying, suggesting that the current day is not an outlier in terms of bearish pressure. The price change over eight days is +1.8%, showing that despite the negative delta and low volume, the asset has maintained a slight upward trajectory.