Wintermute is sitting on $190.8M in crypto shorts

BEARISH: Wintermute is currently sitting on roughly $190.8 million in short positions on Hyperliquid, according to Onchain Lens.
The positions include approximately $53 million in ETH, $30.7 million in BTC, $22.6 million in SOL, $11.4 million in HYPE and $10.2 million in XRP.
The positions are currently carrying roughly $5.85 million in unrealized losses as crypto prices rally.
Despite the drawdown, Wintermute reportedly remains up $203.6 million in lifetime PnL.
Given Wintermute's role as one of crypto's largest liquidity providers, the positioning is notable, although market-maker positions should not automatically be interpreted as a simple directional bearish bet.