ETH price is flashing a bullish signal, but a $160 million transfer from Wintermute makes the move harder to trust. Ethereum formed a golden cross between its 50-day and 200-day EMA bands, while ETH spiked intraday to $2,665 before trading near $2,580.
ETH Price Rally Meets Heavy Exchange Deposits
Over three hours, Wintermute deposited 61,847 ETH worth about $160.3 million into Binance and Coinbase. That’s a sizeable transfer arriving while the chart is trying to look bullish.
The question is straightforward: can ETH price keep climbing if major exchange deposits continue?
The transfer doesn’t prove those ETH are being sold, but it adds an obvious source of uncertainty to the current rally.
Bitfinex in 2026 Sees Biggest ETH Inflow Since 2025
Exchange flows are sending an equally messy signal ahead of the U.S. CPI release, per Amr Taha.
Bitfinex recorded roughly $495 million in positive ETH netflow on September 10, its highest reading since February 2, 2025. That latest inflow was about 36% higher than the previous $365 million reference point.
Meanwhile, Binance saw approximately $244 million in net outflows and OKX recorded around $99 million. Combined, those exchanges registered roughly $343 million in outflows.
The split is striking. Bitfinex’s inflow was about 44% larger than the combined Binance and OKX outflows.
ETH Price Still Needs Buyers To Follow Through
Positive exchange netflow means more ETH entered an exchange than left it, while negative netflow reflects net withdrawals. Neither flow direction alone confirms whether the assets are intended for selling.
That distinction matters here. The golden cross gives ETH price a bullish technical signal, but the exchange data isn’t clean enough to call the move decisive.
For now, ETH price remains caught between improving chart structure and conflicting exchange flows. The $2,665 intraday spike needs follow-through, especially with Wintermute’s $160.3 million transfer hanging over the move.
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