Wintermute-labeled address has $125.87 million in open positions... $115.76 million short

A wallet tagged as belonging to Wintermute holds $125.87 million in open positions on Hyperliquid, of which $115.76 million is short, according to on-chain data published by Onchain Lens. The short book is concentrated in Ethereum at $26.16 million, Bitcoin at $19.79 million, Hyperliquid’s HYPE token at $15.23 million and Solana at $12.72 million. The address has booked $222 million in cumulative profit, including $18.83 million over the past 30 days, with $3.46 million in unrealized gains. The skew matters because a large, profitable market maker leaning short across major tokens can amplify downside moves and signals caution on beta. Next, watch whether the position is trimmed or extended as ETH, BTC, HYPE and SOL test key levels, and whether the address’s realized gains keep climbing.