Wintermute holds $101M in BTC shorts on Hyperliquid and warns of further Bitcoin downside if $76.8K support breaks.
Macro & Markets ·
Trading desk Wintermute has signaled concern about Bitcoin's near-term trajectory, warning that a breakdown below $76,800 could trigger additional losses. The firm is currently positioned defensively on Hyperliquid with a $101.33M short position, reflecting its bearish outlook.
The scale of Wintermute's directional bet underscores conviction: the short position has generated $3.35M in unrealized gains as of observation, and the firm has accumulated $220.24M in lifetime profit-and-loss across its trading operations. The specific support level flagged—$76,800—marks a potential inflection point; a breach would likely intensify selling pressure if it prompts cascading liquidations or signals broader capitulation.
What remains unclear is the timeframe Wintermute expects for this downside scenario or whether the warning reflects macro concerns, technical deterioration, or positioning adjustments ahead of specific events. The $220.24M lifetime PnL figure indicates long-standing market presence, but provides no detail on whether this stance represents a tactical short-term bet or a structural shift in the firm's directional exposure.