A cryptocurrency wallet attributed to market maker Wintermute carried approximately $190.77 million in short positions on Hyperliquid on Aug. 24, including a $10.19 million XRP short that followed the token's 47% weekly rally, according to blockchain analytics account Onchain Lens.
The Short Book
The wallet's overall short exposure had increased by approximately $44.58 million from an earlier $146.19 million snapshot. Ethereum represented the largest short position at $53.02 million, followed by Bitcoin at $30.66 million and Solana at $22.62 million. The account also held an $11.43 million HYPE short alongside the $10.19 million XRP position.
Onchain Lens reported a combined unrealized loss of approximately $5.85 million when it captured the figures. An earlier snapshot showed $160.03 million in total open positions, with the account having earned approximately $2.14 million in funding while carrying an unrealized loss of $3.66 million. The firm also reported lifetime profits of $203.55 million for the address.
XRP Rally Meets Bearish Positioning
XRP traded near $1.47 on Aug. 24 after gaining approximately 47% over seven days. The crypto moved between $1.46 and $1.54 over the latest 24-hour period, with trading volume near $4.85 billion. The rally coincided with rising leverage on major derivatives exchanges and Treasury buyback announcements that lifted broader crypto markets.
The $10.19 million short represented approximately 0.28% of the $3.61 billion in XRP open interest at the time. Reported Binance and OKX positioning leaned toward long exposure, with Binance's long-to-short ratio near 2.57 and OKX at approximately 2.08. Around $21.42 million in XRP derivatives positions were liquidated during the preceding 24 hours.
Why a Short Doesn't Mean Bearish
A large short position can represent a directional bet that prices will fall, but market makers also use perpetual futures to hedge spot inventory, options exposure, client transactions and positions held on other exchanges. Wintermute operates across centralized and decentralized venues, meaning the firm could hold offsetting exposure not visible through this single Hyperliquid address.
The wallet attribution also requires caution. Public researchers have connected the address to Wintermute's Hyperliquid activity, but that identification is not equivalent to a company statement. Wintermute has not publicly confirmed it controlled the wallet or disclosed the purpose of the positions.
What to Watch
The first test for XRP is whether it can hold the $1.44 to $1.46 region after its weekly surge. Resistance remains around the recent $1.54 high, followed by the psychological $1.60 level. A move above those levels could increase losses for uncovered short positions. A decline below recent support could benefit bearish exposure and place pressure on heavily leveraged longs.
The wallet's positions can change quickly, and at retrieval time a HypurrScan explorer page no longer displayed an active perpetual position value. The $190.77 million figure should be treated as a timestamped observation rather than guaranteed current exposure.
