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Binance Is Not Dumping SOL and ETH Through Wintermute
In a recent statement, Binance has denied allegations of dumping large amounts of SOL (Solana) and ETH (Ethereum) tokens through market maker Wintermute. The claims were made by some investors and traders who believed that the exchange was preparing for anticipated market volatility, specifically after Bitcoin’s price fell below $90,000.
According to data from Arkham Intelligence, Binance transferred approximately 103,570 SOL ($16.32M) and 25,000 ETH ($80M) to Wintermute, a leading global algorithmic trading firm in digital assets. However, the exchange has clarified that it simply facilitates user trades and does not control individual market maker decisions.
Binance emphasized its commitment to providing a fair trading environment by highlighting its robust market surveillance program designed to detect and prevent market manipulation. The exchange urged traders not to draw conclusions from isolated screenshots and transactions, cautioning against spreading fear, uncertainty, and doubt (FUD).
In essence, Binance’s stance is that it only helps users match trades and has no visibility into individual decisions made by its users, including market makers like Wintermute who may move their assets according to their strategies.
It appears that this clarification has put an end to speculation and misinformation surrounding the transfers. Market participants can now focus on understanding the role of market makers in facilitating liquidity and trading volumes for SOL and Ethereum.
Source: Bitcoinik
Source: https://bitcoinik.com/binance-is-not-dumping-sol-eth-through-wintermute/
