Wintermute holds a $126 million short position on Hyperliquid!
Of this, the ETH short is $46.92 million, the SOL short is $11.3 million, and the HYPE short is $10.03 million. As a leading market maker, this positioning says a lot.
What’s interesting is that the ETH long/short ratio is 2.84, the annualized funding rate is 5.52%, and retail longs are already crowded. Wintermute flips and shorts—either to hedge or to bet on a pullback.
SOL is similar: the long/short ratio is 1.75, yet the market maker still holds a $11.3 million short on Hyperliquid. This “retail longs, institutions shorts” divergence usually means larger short-term price swings.
Of course, you also have to look at the backdrop: rising oil prices are pushing up inflation expectations, and the Bank of England has suggested it may raise rates—macro conditions are not very favorable. Wintermute may be positioning itself ahead of time for hedging.
In one sentence: the market maker is heavily shorting ETH and SOL on Hyperliquid, retail longs are crowded, and you should be careful in the short term.
$ETH $SOL #market maker #Hyperliquid
Of this, the ETH short is $46.92 million, the SOL short is $11.3 million, and the HYPE short is $10.03 million. As a leading market maker, this positioning says a lot.
What’s interesting is that the ETH long/short ratio is 2.84, the annualized funding rate is 5.52%, and retail longs are already crowded. Wintermute flips and shorts—either to hedge or to bet on a pullback.
SOL is similar: the long/short ratio is 1.75, yet the market maker still holds a $11.3 million short on Hyperliquid. This “retail longs, institutions shorts” divergence usually means larger short-term price swings.
Of course, you also have to look at the backdrop: rising oil prices are pushing up inflation expectations, and the Bank of England has suggested it may raise rates—macro conditions are not very favorable. Wintermute may be positioning itself ahead of time for hedging.
In one sentence: the market maker is heavily shorting ETH and SOL on Hyperliquid, retail longs are crowded, and you should be careful in the short term.
$ETH $SOL #market maker #Hyperliquid