Wintermute maintains $75.45M in shorts (86.4% of positions) on Hyperliquid, with largest bearish bets on ETH, SOL, and S&P 500 futures.
DeFi & Yields ·
Wintermute maintains a heavily bearish positioning on Hyperliquid, holding $75.45 million in short positions that represent 86.4% of its total $87.34 million in open exposure. Long positions account for only $11.89 million, or 13.6% of the portfolio. The largest individual shorts target Ethereum at $18.33 million, Solana at $12.07 million, and S&P 500 futures at $10.72 million.
The trading account has generated $3.97 million in unrealized gains from its current positions, while lifetime profit and loss stands at $209.79 million, suggesting consistent returns from the strategy. This positioning reflects a sustained macroeconomic or market-specific bearish outlook across major asset classes spanning both crypto and traditional equity exposure.
The specific mechanics of how long these positions have been held and whether they represent a shift in strategy relative to prior positioning remain unclear from available data.