Market maker Wintermute posts $120M BTC and ETH limit orders Wintermute (0xecb6…2b00) currently holds two major short positions, totaling approximately $75M: - BTC: Short 319.3 BTC, worth $24.71M, cost $77,650.4, unrealized profit $81.2K - ETH: Short 20,428 ETH, worth $49.83M, cost $2,447.39, unrealized profit $142.8K At the same time, there are 171 bidirectional limit orders near the current BTC and ETH prices, totaling $120M: 1⃣ BTC - Below $75,253–$77,556: $33.58M in buy orders - Above $77,561–$79,741: $44.41M in sell orders 2⃣ ETH - Below $2,370.6–$2,444.9: $19.72M in buy orders - Above $2,445.4–$2,518.2: $22.78M in sell orders On the other hand, on-chain activity over the past couple of days shows Wintermute continuously transferring BTC, SOL, and other spot assets to Binance and Coinbase. Notably, nearly $100M in BTC was transferred to Binance in the past 18 hours. This doesn’t necessarily mean they’ve sold, but the combination of moving spot assets to exchanges and maintaining large net short positions in BTC and ETH on Hyperliquid does lean defensive. Beyond BTC and ETH, Wintermute has also placed orders for other assets, with a total of 2,241 orders worth approximately $86.56M. SOL, XRP, HYPE, and ZEC all show significant bidirectional quotes. At the account level, this address has recorded a $17.82M loss over the past 7 days, with a return rate of -20.34% and a win rate of 59.19%. Direct link to the address: https://www.(aicoin.com)/zh-Hans/hyper-detail/0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00