- Wintermute leans bearish on HyperliquidX with 69.87% short positions, totaling $123.44 million as of August 3.
- Top long position is Bitcoin at $10.38 million with 20x leverage, yielding a solid 13.95% ROI.
- Ethereum short at $26.34 million with 15x leverage shows -27.33% ROI, reflecting bearish outlook.
As of August 3, 2025, algorithmic trading firm Wintermute continues to exhibit a predominantly bearish outlook on the HyperliquidX platform, according to a detailed analysis by Chyan (@Chyan) via Nansen.ai. With total open positions valued at $123.44 million, only 30.13% are long, while a significant 69.87% are short, reflecting a cautious market strategy. The firm’s profit and loss (PnL) stands at a robust +$17.8 million, showcasing its strategic prowess despite the bearish tilt.
🚨 @wintermute_t still leaning bearish on @HyperliquidX — only 4 material longs, all else short via @nansen_ai 📉📊
Total Open Positions: $123.44M
🟢 Long: 30.13%
🔴 Short: 69.87%PnL: +$17.8M 🟢
Top Long Positions (leverage, size, ROI):
1️⃣ Long $BTC (20x) — $10.38M, +13.95%… https://t.co/zU515hm9ga— Chyan | chyan.base.eth (@Chyan) August 3, 2025
Among the top long positions, Bitcoin (BTC) leads with a $10.38 million stake at 20x leverage, yielding a 13.95% return on investment (ROI). Other notable longs include SUI (+30.67% ROI), DOGE (+13.97% ROI), and SPX (+39.17% ROI), though these are smaller in scale.
Conversely, the short positions dominate, with Ethereum (ETH) at $26.34 million (15x leverage, -27.33% ROI) and Solana (SOL) at $14.69 million (20x leverage, -5.15% ROI) highlighting significant bearish bets. Hyperliquid’s native token, HYPE, also features at $9.08 million with a positive 24.55% ROI, alongside other shorts like PUMP (-22.67%) and FARTCOIN (-5.19%).
This bearish stance aligns with recent ETHNews insights, noting Wintermute’s 70% short exposure across a $123 million portfolio, signaling skepticism toward altcoins amid broader market caution.
Despite positive funding rates for BTC and ETH on major exchanges, Wintermute’s heavy shorting of blue-chip assets like ETH and SOL reflects a defensive approach. As the crypto market eyes a potential 2025 bull run, Wintermute’s strategy could either capitalize on volatility or face challenges if altcoin breakouts materialize.
