Wintermute just opened $190.8M in shorts on Hyperliquid — spread across $XRP, $HYPE, and major tokens.
Before you panic: a desk this size typically hedges inventory, not calls market tops. They're managing risk on existing positions, not making a directional bet.
Still useful to track where the big money sits. When market makers shift their books this aggressively, it tells you something about flow, not necessarily sentiment.
Before you panic: a desk this size typically hedges inventory, not calls market tops. They're managing risk on existing positions, not making a directional bet.
Still useful to track where the big money sits. When market makers shift their books this aggressively, it tells you something about flow, not necessarily sentiment.