- Whale nets $23.73M ETH profit via Wintermute OTC trades amid $222M transfer spree.
- 600 BTC bought for $56.94M remains unsold, now worth $66.5M in unrealized gains.
- Wintermute facilitates massive ETH, BTC, and USDC flows, signaling institutional moves.
A crypto whale has executed many over-the-counter (OTC) trades involving Ethereum and Bitcoin, resulting in a realized profit of $23.73 million. The transactions were facilitated through the trading firm Wintermute, which recorded over $222 million in on-chain activity within the same 24-hour period.
Blockchain data from Arkham Intelligence confirms that the Ethereum portion of the trade, 30,000 ETH, was sold just hours before publication, while the Bitcoin position remains unsold.
A mysterious whale bought 30,000 $ETH($54.9M) at $1,830 and 600 $BTC($56.94M) at $94,900 via OTC on Apr 27.
3 hours ago, he sold 30,000 $ETH($78.63M) at $2,621 via OTC, earning $23.73M.
His 600 $BTC remains unsold and is now worth $66.5M, up $9.6M.https://t.co/msU8dM7xfM pic.twitter.com/74vhBcBkXO
— Lookonchain (@lookonchain) May 22, 2025
On April 27, blockchain records show that the unidentified investor transferred $54.9 million in USDC to Wintermute’s OTC wallet and received 30,000 ETH at an average price of $1,830. On the same day, the same wallet sent $56.94 million in USDC and received 600 BTC, priced at approximately $94,900 per coin. USDC and OTC settlement channels indicate institutional-scale trading behavior, often designed to reduce market impact and slippage.
A large-scale movement of ETH followed these transactions. Address 0x2aAF…6c5, linked to the buyer, sent 30,000 ETH to 0xCe84…a4b three hours before press time. This transaction was valued at $78.63 million, representing a profit of $23.73 million on the Ethereum position.
Bitcoin Holdings Still Intact, Value Increases
The 600 BTC purchased in the same session remains unsold. Originally valued at $56.94 million, the Bitcoin holdings are now worth approximately $66.5 million, indicating an unrealized gain of $9.6 million. The Bitcoin transfer was completed via Wintermute and confirmed on-chain, pointing to using a native SegWit address for storage. The steady rise in BTC’s price since the acquisition may influence the timing of any future sale.
Concurrent with the whale’s activity, Wintermute conducted extensive internal and external transfers across Ethereum and Bitcoin networks. Eight hours before press time, the firm moved 30,000 ETH, worth $54.03 million, from its hot wallet to an external address.
Additional USDC transfers of $56.94 million each were routed through the OTC desk, originating from address 0x5BE3…. These transactions may represent internal fund rotation or OTC client settlements.
In another major transaction, Wintermute moved 601 BTC, valued at $56.82 million, to a Bitcoin address beginning with bc1qm…. The transaction aligns with cross-chain operations, highlighting Wintermute’s capacity to manage significant capital across multiple assets.
The concentration of ETH and BTC transfers, the use of OTC desks, and the scale of USDC deployments suggest coordinated activity at an institutional level. The repeat involvement of addresses such as 0x2aAF…6c5 and Wintermute’s known role as a liquidity provider indicate that the movements are part of broader capital allocation strategies.
This transaction supports multi-chain working, demonstrating Wintermute’s skill at managing large volumes of assets from many sources. Big transfers of ETH and BTC, a rise in OTC activity, and more use of USDC seem to point to institutional teams coordinating their movements. Addresses such as 0x2aAF…6c5 are turning up often, and knowing that Wintermute gives liquidity to exchanges suggests that these do not happen by chance.
