Wintermute's Aggressive Short Positions Spark Sharp Price Drops Across Crypto Market
Wintermute, a prominent market maker, has built significant short positions in several assets, including Bitcoin (BTC) and Ethereum (ETH), contributing to their sharp price drops on Sunday.
According to Onchain Lens, Wintermute sent nearly $60 million in BTC and SOL to Binance and Coinbase, indicating an intention to sell. The company also holds a massive futures position on Hyperliquid, with $146.19 million short and just $13.85 million long.
BTC's price dipped from over $77,000 to around $75,500 after failing to maintain its previous level, while ETH has dropped by 5% below $2,400. XRP is down by 6.5%, with Ripple's token being rejected at $1.70 on Friday evening and Saturday morning.
On a daily scale, total liquidations top $350 million, with more than 90,000 traders getting wrecked, which is unusually high for a weekend.