Market-making giant Wintermute’s on-chain positions on Hyperliquid have been tracked by Onchain Lens: cumulative profits have reached $222 million, with another $18.83 million earned in the past 30 days and current unrealized PnL of around $3.46 million—a remarkable money-making streak.
Even more intriguing is the position structure: of the $125.9 million in open positions, short positions account for as much as $115.8 million, making the portfolio almost entirely bearish. The four largest short positions are $ETH ($26.16 million), $BTC ($19.79 million), HYPE ($15.23 million), and SOL ($12.72 million).
Still, this should be interpreted cautiously: market makers’ short positions are often used to hedge spot inventory and maintain delta neutrality, rather than simply expressing a bearish outlook. Wintermute’s massive profits on perpetual futures alongside its high proportion of shorts are more likely the result of capturing spreads and funding rates amid volatility while actively managing risk, rather than making a one-way bet on falling prices.
The signal ordinary investors can take away is that smart money is currently very cautious about directional exposure to major cryptocurrencies. Short positions are most concentrated in ETH and BTC, often indicating strong hedging demand in the market. Blindly following the shorts is unwise, but so is completely ignoring this position report.
#链上数据 #Wintermute #Hyperliquid
Even more intriguing is the position structure: of the $125.9 million in open positions, short positions account for as much as $115.8 million, making the portfolio almost entirely bearish. The four largest short positions are $ETH ($26.16 million), $BTC ($19.79 million), HYPE ($15.23 million), and SOL ($12.72 million).
Still, this should be interpreted cautiously: market makers’ short positions are often used to hedge spot inventory and maintain delta neutrality, rather than simply expressing a bearish outlook. Wintermute’s massive profits on perpetual futures alongside its high proportion of shorts are more likely the result of capturing spreads and funding rates amid volatility while actively managing risk, rather than making a one-way bet on falling prices.
The signal ordinary investors can take away is that smart money is currently very cautious about directional exposure to major cryptocurrencies. Short positions are most concentrated in ETH and BTC, often indicating strong hedging demand in the market. Blindly following the shorts is unwise, but so is completely ignoring this position report.
#链上数据 #Wintermute #Hyperliquid