Wintermute: $81.36M Hyperliquid Book 85.5% Short

Wintermute maintains an $81.36 million book on Hyperliquid that sits 85.5% short, with $69.59 million in short exposure against $11.77 million long, according to Onchain Lens. The largest shorts include $ETH at $22.61 million with 15x leverage, $SOL at $12.65 million with 20x, $XRP at $4.20 million with 10x, and S&P 500 futures at $4.10 million with 3x leverage across 132 open positions that show $936.4K unrealized profit, $9.66 million in the past 30 days, and $177.46 million lifetime PnL from address 0xecb63caa47c7c4e77f60f1ce858cf28dc2b82b00.

ETH at $2399.42 trades inside its Bollinger Bands with upper resistance at $2454.28 and lower support at $2365.82 while the EMA50 at $2445.89 and EMA200 at $2521.61 define the bearish structure; despite the MACD golden cross at -10.83, price testing upper band resistance with neutral RSI at 45.87 points to a likely retracement toward the 50-EMA before any sustained move higher.