Wintermute Builds $102M Crypto Short as Ethereum Leads Bearish Bets

Key Takeaways

• Wintermute holds roughly $102.1 million in crypto shorts, with total exposure of about $122.23 million.

• Ethereum leads the bearish positions, with a short of 15,330 ETH worth approximately $38.47 million.

• 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.