Wintermute's $10M XRP Short Bet Against Cryptocurrency's Sustained Momentum
Wintermute, a market-making firm, has significantly increased its bearish exposure on XRP among its largest short positions. According to on-chain data tracked by Onchain Lens, Wintermute's total short exposure has experienced a very sharp increase.
The firm's top five short positions include Ethereum, Bitcoin, Solana, Hyperliquid's native HYPE token, and XRP, with the latter valued at more than $10 million. This is in contrast to derivatives positioning, which is decisively leaning toward longs, as shown by Binance's general account long/short ratio of 2.5651.
XRP has had a tumultuous week, experiencing a 49.24% price increase over seven days. However, the cryptocurrency has failed to sustain its momentum like during previous rallies, with $21.42 million of XRP positions liquidated over the past 24 hours, including $12.47 million from longs versus $8.95 million from shorts.