A Wintermute-linked wallet has built approximately $126.25 million in short positions on Hyperliquid, with Ethereum representing the largest reported exposure at $46.92 million as major cryptocurrencies trade below recent highs. According to Onchain Lens reports, the address 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00 has been repeatedly identified as a Wintermute-linked Hyperliquid wallet, though the firm has not publicly confirmed ownership or described the purpose of current positions. The wallet was sitting on roughly $963,600 in unrealized profit when tracked on September 28, with lifetime profit and loss reaching approximately $197.22 million. This represents a significant decrease from earlier snapshots, with the latest figure showing a reduction from the previously reported $126 million total.
Ethereum accounts for $46.92 million of the latest reported short exposure, followed by Solana at $11.30 million and HYPE at approximately $10.03 million. As reported by Onchain Lens, other positions make up the remainder of the $126.25 million total, though a complete position-by-position breakdown was not provided in the latest post. The wallet has shown significant activity across Hyperliquid markets, with independent analysis identifying hundreds of orders used for both sides of market-making books and quoting structures described as close to balanced at the time of the January snapshot. The current positioning shows unrealized gains across all short positions, indicating profitable bets against these assets.
The current positioning comes as Ethereum has pulled back from the $2,800 region reached earlier in September, with CoinGecko showing ETH trading around $2,644 at the time of writing, placing the asset below its recent $2,800 attempt. Bitcoin was trading around $82,863, down roughly 2.4% over the previous 24 hours, while Solana stood near $118.06 and HYPE traded around $92.28. The Ethereum pullback after rejection near $2,800 came after the token reached a multiweek high before sellers pushed prices lower, with CoinGecko showing Bitcoin, Ethereum, Solana and HYPE trading near or below their weekly highs Monday. The one-sided positioning highlights Wintermute's bearish outlook on several major cryptocurrencies, which could influence market sentiment and trading dynamics on Hyperliquid.
The reported positioning follows a separate large Ethereum transfer involving wallets tied to FTX and Alameda Research. According to blockchain researchers, on September 23, 23,639 ETH worth approximately $65 million moved from an FTX and Alameda-linked address to a wallet labeled as belonging to Wintermute. A broader review found six linked wallets transferring a combined 27,372 ETH worth approximately $75 million to Wintermute addresses, with blockchain security firm PeckShield flagging the largest transaction. Neither Wintermute nor the FTX Recovery Trust has publicly confirmed that the transfer represented an immediate sale, with on-chain movements into a market maker supporting various trading functions including sales, OTC execution, and collateral management.
The latest $126.25 million figure represents a significant decrease from earlier snapshots of the same wallet. On September 20, third-party reports put the short exposure close to $146 million, with ETH near $53 million, BTC at approximately $26.7 million and SOL around $17.8 million. By September 23, on-chain analyst CW described the wallet as increasing short exposure in ETH, BTC and SOL while prices were rising, though Wintermute has not publicly confirmed this positioning. The tracked positions have moved in both directions over time, with earlier wallet data showing short exposure being reduced during market pullbacks before positions increased again as prices recovered. The current positioning shows a notable shift toward bearish bets, with long exposure primarily in Bitcoin worth $5.12 million.
