Wintermute-Linked Wallet Holds $10.2 M XRP Short Amid $190 M Hyperliquid Short Book

A blockchain analytics snapshot on Aug 24 revealed that a wallet linked to market maker Wintermute held roughly $190.77 million in short positions on the Hyperliquid derivatives platform. The XRP short, valued at $10.19 million, represented about 0.28 % of the total XRP open interest at the time.

Short Book Composition

• Ethereum: $53.02 million (largest short)
• Bitcoin: $30.66 million
• Solana: $22.62 million
• HYPE: $11.43 million
• XRP: $10.19 million (fifth‑largest short)

Position Changes and Performance

The wallet’s short exposure grew by about $44.58 million from a prior snapshot that showed $146.19 million in shorts. At the time of capture, the address reported an unrealized loss of roughly $5.85 million, offset by lifetime profits of $203.55 million.

XRP Market Context

XRP was trading near $1.47 after a 47 % price gain over the preceding week. The rally occurred alongside elevated derivatives leverage and significant liquidations: $21.42 million in XRP derivatives were liquidated in the prior 24 hours, with long liquidations ($12.47 million) exceeding short liquidations ($8.95 million).

Interpretation and Caveats

While a sizable short can signal a bearish view, market makers often use perpetual futures to hedge spot inventory, client exposure, or other positions. The attribution of the wallet to Wintermute relies on third‑party labeling and has not been confirmed by the firm. Additionally, the snapshot reflects a specific moment; subsequent changes may have altered the exposure.

Potential Near‑Term Impact

Key price levels for XRP include support around $1.44‑$1.46 and resistance near $1.54‑$1.60. A break above resistance could increase losses for uncovered shorts, while a drop below support may benefit bearish positions.