Market maker Wintermute’s track record on Hyperliquid has been revealed by on-chain monitoring: its cumulative profits have reached $222 million.
But more worth examining than the profit figure is its current position structure: of its $125.9 million in open positions, $115.8 million are shorts—a nearly all-out bearish setup.
Specifically, its largest short positions are in ETH ($26.16 million), BTC ($19.79 million), HYPE ($15.23 million), and SOL ($12.72 million). The fact that it has even taken a large short position in Hyperliquid’s own token, HYPE, is particularly intriguing.
In terms of performance, Wintermute’s realized profit over the past 30 days is $18.83 million, while its unrealized profit is just $3.46 million. This suggests that most of its profits have already been locked in, rather than being propped up by paper gains—a sign of fairly restrained position management.
How should this be interpreted? Top market makers typically focus on hedging and arbitrage, so such a concentrated, one-sided short position is unusual. This does not necessarily mean they are making a directional call on the market’s future, but it does at least suggest that, in the eyes of professional investors, the downside risk at current prices is worth paying to hedge against. Ordinary investors need not copy these positions, but they can treat this on-chain data as a window into the sentiment of smart money.
#Wintermute #Hyperliquid #On-chain data
But more worth examining than the profit figure is its current position structure: of its $125.9 million in open positions, $115.8 million are shorts—a nearly all-out bearish setup.
Specifically, its largest short positions are in ETH ($26.16 million), BTC ($19.79 million), HYPE ($15.23 million), and SOL ($12.72 million). The fact that it has even taken a large short position in Hyperliquid’s own token, HYPE, is particularly intriguing.
In terms of performance, Wintermute’s realized profit over the past 30 days is $18.83 million, while its unrealized profit is just $3.46 million. This suggests that most of its profits have already been locked in, rather than being propped up by paper gains—a sign of fairly restrained position management.
How should this be interpreted? Top market makers typically focus on hedging and arbitrage, so such a concentrated, one-sided short position is unusual. This does not necessarily mean they are making a directional call on the market’s future, but it does at least suggest that, in the eyes of professional investors, the downside risk at current prices is worth paying to hedge against. Ordinary investors need not copy these positions, but they can treat this on-chain data as a window into the sentiment of smart money.
#Wintermute #Hyperliquid #On-chain data