Wintermute Shorts Contribute to Bitcoin's Weekend Decline

Bitcoin's recent price surge was short-lived as it fell to $75,500 on Sunday. This decline came after the cryptocurrency failed to hold above $77,000 over the weekend.

The market maker Wintermute was found to be holding a large number of short positions across its Hyperliquid book, with roughly $146 million in shorts against $13.85 million in longs. On-chain data revealed that Wintermute sent Bitcoin and Solana worth close to $60 million into Binance and Coinbase on Saturday, which often precedes selling.

Ethereum (ETH) also took a hit, falling 5% below $2,400, while XRP lost 6.5%, slipping under $1.50 after rejections near $1.70. Wintermute has not commented publicly on the deposits or futures positions.