Wintermute Takes $10M Bet Against XRP Bulls

XRP has seen renewed momentum in recent sessions, but Wintermute, a prominent algorithmic market maker, is positioning against this trend by opening a short position exceeding $10 million in notional value.

This move is notable because it goes against the prevailing sentiment in the XRP derivatives market, where most open interest and positioning remains skewed to the long side.

Wintermute's decision to take on such a significant short position suggests that they are anticipating a near-term price pullback or correction in XRP.

This could serve as a warning to over-leveraged long traders, particularly given the current derivatives funding rate environment, which favors longs.