Wintermute: $75.45M Shorts on Hyperliquid

Wintermute maintains $87.34M in open positions on Hyperliquid, directing 86.4% or $75.45M toward shorts while longs total just $11.89M, according to @OnchainLens. The firm shows +$3.97M unrealized PnL and lifetime PnL of +$209.79M, with its biggest short exposures in ETH at $18.33M, SOL at $12.07M and SP500 at $10.72M from address 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00.

Price action on the 4h ETH chart sits at $2377.05 beneath both the EMA50 at $2525.72 and EMA200 at $2563.94, confirming a bearish structure reinforced by a MACD death cross at -29.05. RSI at 27.99 signals oversold conditions while price tests the lower Bollinger Band support near $2397.54, creating confluence that favors further downside pressure before any relief rally toward the upper band at $2596.79.