Wintermute builds $160M short position across major assets, with largest exposure to ETH and BTC.
DeFi & Yields ·
Wintermute is currently positioned with approximately $160M in perpetual short contracts across multiple assets, carrying an unrealized loss of $3.57M. The trading desk's largest short exposure is in Ethereum at $53.05M, followed by Bitcoin at $26.66M, Solana at $17.84M, and Hyperliquid at $11.62M, according to on-chain tracking data.
The positioning reflects a bearish stance on major crypto assets during a period that saw $16.91B in 30-day trading volume across the wallet. Short positions of this scale typically indicate directional bets against price appreciation, with the current negative PnL suggesting recent price movements have favored long positions or further upside.
The specific allocation—with Ethereum representing roughly one-third of the short book—indicates concentration risk in a single asset. Whether this positioning reflects a hedge against other exposures, a directional market view, or a dynamic trading strategy remains unclear from available data. The pace and duration of these shorts, and any plans to adjust the book, have not been disclosed.