Wintermute's $149M Short Book Sees Profit Amid Broader Market Correction
Wintermute's heavily short-weighted perpetuals book on Hyperliquid has swung back into profit, according to recent data. The firm currently holds approximately $149.2M in short positions versus just $5.01M in long exposure, a ratio of nearly 30-to-1 in favor of the downside.
The short book is distributed across three major assets: Ethereum ($58.36M), Solana ($26.11M), and Bitcoin ($19.16M). As crypto markets slide broadly, Wintermute's positions have moved favorably, with an unrealized profit-and-loss of +$1.73M.
The timing of this profit flip aligns with the broader market correction, attributed to a combination of macro pressures: expectations around tighter monetary policy, spot ETF outflow data, and geopolitical headwinds. The key question for market watchers is whether Wintermute will look to take profits if the correction deepens or position for an extended period of downside.