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XRP Bitcoin fell to US$75,500, Wintermute held a large short position in Hyperliquid
On Sunday, online data showed that market maker Wintermute held a short position of approximately US$146 million on Hyperliquid, and Bitcoin (BTC) fell to US$75,500.
Key Points
·Bitcoin fell to $75,500 on Sunday after failing to hold above $77,000 over the weekend.
·On-chain data shows that Wintermute's long position on Hyperliquid is US$13.85 million, and its short position is as high as US$146.19 million.
·Ethereum fell 5% to fall below $2,400; Ripple fell 6.5% to fall below $1.50 after being blocked near $1.70.
Wintermute short positions increase, Bitcoin is under pressure
Analytics platform Onchain Lens pointed out these trends over the weekend, reporting that Wintermute deposited nearly $60 million in Bitcoin and Solana (SOL) into Binance and Coinbase on Saturday. Such a large deposit of funds on exchanges usually signals subsequent sell-offs. The same data showed that the company's long position on Hyperliquid was US$13.85 million and short position was US$146.19 million, which was clearly biased towards the bearish side.
Statistics on another necklace show that in the past week, about 3,834.3 bitcoins (worth approximately US$256.8 million) were transferred from Wintermute wallet to Binance, which far exceeds the amount of transfers over the weekend. Wintermute has not commented publicly on these deposits or futures positions.
Ethereum (ETH) fell 5% to fall below $2,400; Ripple (XRP) fell 6.5% to fall below $1.50 after being blocked twice near $1.70 on Friday night and Saturday morning. During that sell-off, Ripple plunged 37% within minutes, and approximately $500 million in leveraged long positions were liquidated on exchanges. Since then, Bitcoin has rebounded to above $76,000.
Why market maker positions matter
Analysts analyzing Saturday's decline believed that overcrowding of highly leveraged retail positions was the main reason, pointing out that short positions were actually declining, while long positions were forced to close. During this period, open interest in the derivatives market fell by $3.34 billion.
Wintermute is one of the largest liquidity providers in the cryptocurrency space, but its average daily trading volume has dropped from approximately US$15 billion in 2025 to US$10 billion this year. CEO Evgeny Gaevoy disclosed the figures this month. The company currently plans to spend $1 billion on high-frequency trading and artificial intelligence data centers, a move that goes well beyond the cryptocurrency business where it started.
Bitcoin rally appears before weekend reversal
The weekend reversal came after Bitcoin experienced its strongest rally in years-climbing from about $64,000 on Wednesday to nearly $80,000 on Friday night, an increase of about 24% in a week. Two policy shifts in Washington fueled the rally.
The U.S. Treasury Department doubled the size of its long-term treasury bond buybacks, after President Donald Trump urged Congress at a White House event to advance legislation on the structure of cryptocurrency markets. On Thursday alone, about $3 billion in short positions were cleared, the largest single-day clearance since exchange records began in 2021. Saturday's plunge partially reversed that trend, wiping out $108 billion in market value in six minutes, affecting 281,846 long-short traders.
