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Wintermute holds roughly $102.1 million in crypto shorts, with total exposure of about $122.23 million.
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Ethereum leads the bearish positions, with a short of 15,330 ETH worth approximately $38.47 million.
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The shorts may reflect market-making and hedging strategies rather than an outright bet on a crypto crash.
Crypto market maker Wintermute has built more than $102 million in perpetual futures shorts, with Ethereum accounting for its largest position as the firm increases its exposure to falling cryptocurrency prices.
Onchain data shows the tracked Wintermute address currently holds approximately $122.23 million in total exposure, including around $102.1 million in short positions.
The portfolio currently has roughly $928,400 in unrealized profit. However, Wintermute’s broader trading performance has been considerably weaker recently, with the address recording a $12.04 million loss over the past 30 days.
Lifetime profit and loss remains firmly positive at approximately $176.88 million.
The latest positioning comes less than a month after Wintermute’s tracked crypto shorts surged to nearly $191 million, highlighting how quickly the market maker adjusts its exposure as market conditions change.
Ethereum Leads Wintermute’s $102M Short Portfolio
Ethereum represents Wintermute’s biggest bearish position.
The tracked address holds a short of approximately 15,330 ETH, currently valued at around $38.47 million.
That means Ethereum alone accounts for nearly 38% of the firm’s reported $102.1 million short exposure.
Wintermute has also distributed bearish exposure across other cryptocurrencies, creating a broader portfolio rather than relying entirely on a decline in ETH.
The growing positions are attracting attention because large shorts from major trading firms can provide a snapshot of how sophisticated market participants are managing risk.
However, interpreting Wintermute’s positions as a straightforward prediction that Ethereum or the wider crypto market will fall could be misleading.
Wintermute’s Shorts Have Fallen Sharply Since August
Wintermute’s current positioning is substantially smaller than the exposure observed in late August.
On Aug. 24, the market maker’s Hyperliquid shorts reached approximately $190.77 million after it added another $44.58 million in exposure.
Ethereum was also the largest position at the time, with an ETH short worth roughly $53.02 million.
Bitcoin followed at $30.66 million, while Solana, HYPE, and XRP shorts were worth $22.62 million, $11.43 million, and $10.19 million, respectively.
Source: finance.yahoo.com