Wintermute cuts Hyperliquid short exposure from $211.53M to $80.48M, with HYPE short rising to $10.20M and unrealized PnL at -$568.8K.

According to The Kobeissi Letter, the firm reported one of its strongest ends to a quarter by increasing short exposure during Q1 2025. They capitalized on rallies of 3% or more based on weaker market sentiment. This strategic approach culminated in a significant PUT position on March 26th when the S&P 500 was at 5780.

According to The Kobeissi Letter, their strategic decision in Q1 2025 involved increasing short exposure during rallies exceeding 3%, citing weaker market sentiment as the primary reason. This culminated in a significant PUT option position on March 26th when the S&P 500 was at 5780, marking a strong quarter-end performance.