Wintermute Doubles Down on XRP Shorts as Market Sentiment Diverges

Crypto market maker Wintermute has significantly expanded its short position in XRP, betting against a further 49.24 percent rally. According to on-chain data tracked by Onchain Lens, Wintermute's XRP short position exceeded $10 million as of August 24.

This increase coincided with a short-term surge in XRP, which has risen over the past seven days. The asset's open interest stands at $3.61 billion, suggesting heavily leveraged positions have built up in the market. Positioning across derivatives markets is tilted to the long side, opposite to Wintermute.

The size of Wintermute's short position may not be enough to sway the overall market, as it represents only 0.28 percent of total XRP open interest. However, recent price action has been volatile, with liquidated XRP positions totalling $21.42 million over the past 24 hours.