- Binance has denied allegations of selling large amounts of Bitcoin, Ethereum, or Solana.
- Solana will unlock 11.16 million SOL, worth approximately $1.5 billion, on March 1, 2025.
- SOL is trading at $140.62, down 19.1% over the week.
After mounting concerns that it was manipulating markets through a huge sell-off, Binance has publicly denied accusations that it is selling large amounts of cryptocurrency through its primary market maker, Wintermute.
Despite the denial, the timing of Wintermute’s consistent SOL withdrawals—just days before Solana’s $1.5 billion unlock—is keeping tensions high.
Binance Denies
Binance has taken to social media to inform concerned users—en masse — that it is not offloading large amounts of crypto.
The exchange’s primary market maker, Wintermute, has been withdrawing tens of millions in SOL this week, fueling speculation of market manipulation.
Data from Arkham Intelligence shows that Wintermute has been steadily pulling SOL from Binance in batches ranging from $2.6 million to $5 million over several days. The firm has also withdrawn large amounts of Bitcoin (BTC) and Ethereum (ETH).
The withdrawals come just days ahead of the largest token unlock in Solana’s history. On March 1, 11.16 million SOL—valued at approximately $1.55 billion at current prices—will be unlocked, further intensifying scrutiny of Wintermute’s activities.
Adding to the controversy, some market watchers have pointed to a massive sell-off in early February, which was rumored to be the result of coordinated efforts between Binance and Wintermute.
Observers alleged that Binance sent hundreds of millions in crypto to the market maker in an attempt to trigger a capitulation event and squeeze traders out of their positions.
Wintermute denied similar accusations at the time, and Binance has now reiterated that it is not engaging in any such practices.
What’s Happening?
So, if these gigantic withdrawals aren’t an indication of market manipulation, what are they?
Well, according to some , Winterminute withdraws SOL from the Binance Hot Wallet account after purchasing it from the exchange or unstaking it.
Another explanation could be that Winterminute is pulling liquidity from Binance’s order books, as it’s a market maker itself.
That said, some are alleging that Binance is up to no good.
At a time of tumbling prices, selling pressure continues to mount as the crypto market sheds billions upon billions from its market cap this month.
Moreover, a massive reduction in liquidity at Binance due to Waterminute’s movements could cause markets to spiral even further, as lower liquidity could result in a wider spread and, therefore, even greater price volatility.
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