- The whale will earn an ETH profit of $2373 million through WinterMute OTC transactions during a $222 million transfer.
- Purchased for $56.94 million, 600 BTC remains unsold and is now worth $66.5 million in unrealized profits.
- WinterMute promotes large-scale ETH, BTC, and USDC flows and signal institutional movements.
Crypto Whale has carried out many commercial (OTC) transactions, including Ethereum and Bitcoin, bringing realised profits of $2373 million. The transaction was facilitated through WinterMute, trading company that recorded more than $222 million in chain activity within the same 24 hours.
Arkham Intelligence's blockchain data confirms that while 30,000 ETH, the Ethereum portion of trade, was sold hours before its release, Bitcoin position remains unsold.
The Mystical Whale purchased $30,000 ETH ($54.9M) for $1,830 for $94,900 and $600 for BTC (56.94m) via OTC on April 27th.
Three hours ago, he sold $30,000 ETH ($78.63 million) via OTC for $2,621, earning $23.73 million.
His $600 BTC remains unsold, currently worth $66.5 million, 9.6m.https://t.co/msu8dm7xfm pic.twitter.com/74vhbcbkxo
– lookonchain (@lookonchain) May 22, 2025
On April 27th, blockchain records show that an unidentified investor transferred $54.9 million in USDC to WinterMute's OTC wallet, receiving 30,000 ETH with an average price of $1,830. On the same day, the same wallet sent $56.94 million in USDC and received 600 BTC, with a price of about $94,900 per coin. USDC and OTC payment channels demonstrate institutional scale trading behaviors that are often designed to reduce market impact and slippage.
ETH's massive moves followed these transactions. Address 0x2AAF…6C5 has linked to buyer and sent 30,000 ETH to 0xce84. The transaction was valued at $786.3 million, surpassing its $23.73 million profit in Ethereum position.
Bitcoin Holding is still intact, and its value is increasing
The 600 BTC purchased in the same session remains unsold. Originally valued at $56.94 million, the Bitcoin holding is now worth around $66.5 million, indicating an unrealized profit of $9.6 million. Bitcoin transfer completed in WinterMute, confirming on-chain and pointing to using a native SEGWIT address for storage. The price of BTC will steadily rise as the acquisition could affect the timing of future sales.
Concurrent with the whale activity, Wintermute implemented extensive internal and external transfers across the Ethereum and Bitcoin network. Eight hours before the reporting time, the company moved 30,000 ETH, worth $54.03 million, from hot wallets to external addresses.
An additional USDC forwarding of $56.94 million was routed each through the OTC desk originating from address 0x5be3…. These transactions may represent internal fund rotations or OTC client settlements.
In another major transaction, WinterMute valued 601 BTC at $5,682 million and moved to a Bitcoin address starting at BC1QM. Transactions are consistent with cross-chain operations, highlighting WinterMute's ability to manage critical capital across multiple assets.
The scale of ETH and BTC concentrations, OTC desk use, and USDC deployment suggests coordinated activities at the institutional level. Repeated involvement of addresses such as 0x2AAF…6C5 and the known role of WinterMute as a liquidity provider indicate that the movement is part of a broader capital allocation strategy.
This transaction demonstrates the skills of WinterMute to support multi-chain behavior and manage large amounts of assets from many sources. Large-scale relocation of ETH and BTC, increased OTC activity, and more use of USDC appear to point to institutional teams that coordinate their movements. Addresses such as 0x2AAF…6C5 appear frequently, and knowing that winter mute gives fluidity to exchanges suggests that these do not happen by chance.
