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Wintermute CEO Clarifies BlackRock On-Chain Transfers as Lagging Indicators
11/25/2025, 04:06
AI SUMMARY
●• Wintermute founder labels BlackRock-Coinbase transfers as lagging indicators
●• Actual ETF selling occurred prior to the visible on-chain settlements
●• Warns traders against misinterpreting custodial moves as fresh sell pressure
Evgeny Gaevoy, founder of Wintermute, has addressed market concerns regarding large transfers of Bitcoin and Ethereum from BlackRock to Coinbase. He characterized these on-chain movements as "very delayed indicators," explaining that the actual selling within the ETFs had occurred prior to the blockchain settlements.
Gaevoy emphasized that monitoring these transfers in real-time can be misleading for traders attempting to gauge immediate sell pressure. He noted that similar delayed patterns are common with on-chain movements by market makers as well.
This clarification aims to reduce FUD surrounding large custodial movements, suggesting that the market impact of these specific sales had already been absorbed by the time the transfers became visible on-chain.