Key Takeaways

• Wintermute holds roughly $102.1 million in crypto shorts, with total exposure of about $122.23 million.

• Ethereum leads the bearish positions, with a short of 15,330 ETH worth approximately $38.47 million.

• The shorts may reflect market-making and hedging strategies rather than an outright bet on a crypto crash.

Crypto market maker Wintermute has built more than $102 million in perpetual futures shorts, with Ethereum accounting for its largest position as the firm increases its exposure to falling cryptocurrency prices.

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