Wintermute increased short positions on Hyperliquid to $211.53M, betting on downside for BTC, ETH, and SOL while reducing HYPE shorts.
DeFi & Yields ·
Wintermute has expanded its bearish positioning on Hyperliquid, raising total short exposure to $211.53M from $190.77M in a recent prior update. The trading firm simultaneously reduced its HYPE token short position from $11.43M to $5.60M. Analysis tracked via the address 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00 reveals the largest short bets concentrate on major cryptocurrencies: BTC at $70.80M, ETH at $53.83M, and SOL at $17.63M, alongside smaller shorts on XRP and DOGE.
The directional shift comes as Wintermute previously built from $146.19M in shorts to $190.77M, adding roughly $44.58M in short exposure across that earlier period. The composition has evolved markedly—BTC shorts more than doubled from $30.66M to $70.80M, while SOL shorts contracted from $22.62M to $17.63M. Currently, the positions carry a negative unrealized loss of $4.12M, though the firm has generated $2.27M in funding earnings.
The increased net short positioning suggests conviction on further downside, though the simultaneous reduction in HYPE shorts indicates a more selective bearish stance across the broader ecosystem. Whether this represents a tactical rotation or reflects shifting market outlook remains to be seen.