Galaxy Digital and Wintermute Bet Big on Hyperliquid's Downside

Market makers Galaxy Digital and Wintermute have taken an aggressive short position on Hyperliquid, a decentralized exchange (DEX) perp market. According to onchain data provided by @OnchainLens, the two firms have combined $126.23 million in shorts against just $11.33 million in longs. This leaves them down $15.30 million and $5.96 million over the past 30 days.

The positioning of Galaxy Digital and Wintermute on Hyperliquid is particularly striking given their significant exposure to the market. While exact details about their strategies are not available, it's clear that they believe the price of Hyperliquid will continue to decline in the short term.