#币圈 Market-making giant Wintermute’s publicly visible positions on a certain platform today are a little scary. On-chain data shows they have more than $87 million in open positions in total, with a whopping $75.45 million in shorts, pushing their short ratio to 86.4%. Their biggest short bets are currently concentrated in ETH, SOL, and the S&P 500, with unrealized profits nearing $4 million. Top market makers generally aim for neutral hedging, so suddenly taking on net short positions exceeding 80% can only mean they’re quite bearish about the short-term outlook.

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