$56.09 million worth of BTC floods into Wintermute, what are market makers betting on?

According to the latest news, 93.8 BTC (worth approximately $56.09 million) was transferred from an anonymous address to Wintermute at 06:06 Beijing time on January 11, 2026. This large transfer occurred when BTC was hovering around $90,326, serving as another signal of Wintermute’s recent series of bullish strategies.

Market Signals Behind the Large Transfer

Basic facts of the transfer

According to Arkham on-chain data, this transfer involves 93.8 BTC, valued at about $56.09 million at current prices. The transfer originated from an anonymous address (starting with bc1qrtl9…), and such large, anonymous transfers usually attract market attention.

It is worth noting that this is not an isolated event. According to related information, on January 8, 2026, 488.95 BTC were also transferred from an anonymous address to multiple addresses, some of which also flowed into Wintermute. This indicates that Wintermute has been continuously accumulating BTC in recent days.

Wintermute’s Market Role

Wintermute is a well-known market maker and OTC trader in the crypto industry. Its OTC head, Jake Ostrovskis, often makes important market comments. The large buy-ins by this institution are generally seen as an important reference for market sentiment— their trading decisions often reflect institutional investors’ outlook on the market.

Echoing Options Strategies

Recent Bullish Signals

According to information, Wintermute has issued clear bullish signals in recent days. On January 8, Jake Ostrovskis stated that $13 million was flowing into BTC call options with strike prices between $98,000 and $100,000. These options are set to expire on January 30 and February 27, covering the main timeframe of Q1.

This means Wintermute is not only increasing its spot holdings but also betting on an upward move in derivatives markets. Ostrovskis said at the time: “With the new year underway, the market is building new positions, and the implied direction of the price trend suggests a possible relief rally in the first quarter.”

Multi-dimensional Bullish Strategies

From the dual strategies in spot and options, Wintermute’s approach is quite clear: continue accumulating in the spot market while locking in gains through derivatives. This multi-layered strategy generally indicates strong confidence from institutional investors about the market’s future.

Market Status and Challenges

Key Resistance Levels

Currently, BTC is around $90,326, still some distance from Wintermute’s locked target of $98k-$100k in options. According to information, the key resistance level for BTC recently has been around $95,000, which it has failed to break through effectively in recent days.

Recent price movements show:

• 1-hour decline of 0.09%
• 24-hour decline of 0.09%
• 7-day decline of 0.15%
• 30-day decline of 2.83%

This indicates that BTC has repeatedly tested support levels but has not yet established a clear upward trend.

Market Leverage and Risks

According to information, the total open interest in BTC futures and options has risen to nearly 700,000 BTC, a three-week high. The perpetual futures funding rate remains around 0.09%, indicating that longs are paying fees to maintain their positions. This suggests significant leverage in the market, and if prices fail to break key resistance levels, there is a risk of chain liquidations.

Summary

This large transfer by Wintermute, combined with its recent options positioning, sends a clear signal to the market: institutional investors are optimistic about BTC’s performance in Q1, expecting a possible relief rally. However, from a technical perspective, BTC still needs to break through the $95,000 resistance to confirm this outlook.

The key point is: institutions are positioning, but the market is still waiting for confirmation signals. The next focus is whether BTC can break through $95,000 soon and whether the price can reach the $98k-$100k target range before these options expire.