<p>Cold metal transfer (CMT) is a pioneering feeding system widely used in wire-arc additive manufacturing (WAAM) and welding. However, process optimisation remains challenging. Although CMT has been extensively applied in various industrial sectors, its underlying mechanism is poorly understood because of the complex physics of the interactions between the wire and molten material and the wire’s highly dynamic motion. To elucidate the complexity and features of CMT, we explore the dynamic behaviour and anatomy of molten materials during wire motions (withdrawal and dipping cycles) using high-speed photography at a timescale of microseconds. We reveal a crucial driving force in the melt pool and the frequent ejection of streams or particles during CMT. This study contributes to WAAM and welding by presenting the influential features of ultra-high-dynamics CMT and facilitating the progression of process optimisation.</p>