Wintermute Increases Crypto Shorts on Hyperliquid Amid Market Rally
Wintermute has increased its short positions on the crypto exchange Hyperliquid to $190.77 million as Bitcoin and Ethereum prices rise, leading to an unrealized loss of approximately $5.85 million for the tracked address. The firm's largest short exposure is in Ethereum at $53.02 million, followed by Bitcoin with a position size of $30.66 million. The market maker may be hedging inventory or managing liquidity rather than making an outright bearish bet on crypto markets. Wintermute has also moved millions to Binance as part of its cross-platform strategy for collateral management and arbitrage between centralized and decentralized exchanges. The firm's short positions are spread across multiple tokens, including Solana, XRP, and Hyperliquid’s HYPE token. The broader market rally saw 86% of major Hyperliquid perpetual contracts trade higher with a median gain of around 4.6%. Wintermute is not alone in its bearish positioning; it joins other firms like Cumberland and Auros to collectively hold $230 million in short positions, resulting in an unrealized loss of about $6.92 million.
Topics: Binance cryptocurrency Hyperliquid short positions Wintermute