A cryptocurrency wallet attributed to market maker Wintermute carried approximately $190.77 million in short positions on Hyperliquid on Aug. 24, according to a snapshot published by blockchain analytics account Onchain Lens. The wallet's overall short exposure had increased by approximately $44.58 million from an earlier snapshot of $146.19 million. The positions are verifiable through public derivatives data, but their attribution to Wintermute relies on third-party wallet labels and transaction analysis, as Wintermute has not publicly confirmed direct control of the wallet.
The reported exposure included a $10.19 million XRP short, making XRP the fifth-largest bearish position in the account at the time. According to Onchain Lens, the XRP short represented approximately 0.28% of the $3.61 billion in XRP open interest cited at the time. The account also held an $11.43 million HYPE short and the $10.19 million XRP position, with a combined unrealized loss of approximately $5.85 million when the figures were captured.
XRP currently trades at $1.40 after experiencing a 24-hour swing between $1.40 and $1.46, with trading volume near $4.85 billion. As reported by Onchain Lens, the rally coincided with rising leverage on major derivatives exchanges, with around $21.42 million in XRP derivatives positions being liquidated during the preceding 24 hours. Recent data shows Binance net taker volume dropped to -$96 million, representing the strongest aggressive sell push reported this year, while open interest on the same exchange still climbed roughly 14.8%, indicating fresh positions entering the market despite seller dominance.
Futures open interest sits near $3.46 billion, down about $30.17 million in 24 hours, with roughly $20 million in leveraged longs reportedly liquidated during the pullback. Immediate support sits at $1.41, then $1.39, with a firmer floor near $1.37–$1.38. Resistance clusters at $1.46–$1.49, and the real test is the $1.50–$1.55 supply zone that has capped rallies before. The best scenario involves XRP holding $1.41 and reclaiming $1.46 to open a path toward $1.50, with stretch targets near $1.80–$2.00 if that supply zone breaks, while a break below $1.37 invalidates the rebound structure and exposes $1.34.
Ethereum represented the wallet's largest short position at $53.02 million, followed by Bitcoin at $30.66 million and Solana at $22.62 million. According to Onchain Lens, the account had earned approximately $2.14 million in funding while carrying an unrealized loss of $3.66 million in an earlier snapshot. Historical profitability does not establish that current positions will succeed, as perpetual contract values and liquidation levels move continuously.
