Wintermute’s tracked short exposure on Hyperliquid has increased from about $190.77 million to roughly $211.53 million, while its HYPE short fell from about $11.43 million to $5.60 million. The latest Onchain Lens breakdown lists major shorts of approximately $70.80 million in bitcoin, $53.83 million in ether, $17.63 million in Solana, $7.41 million in XRP and $6.79 million in dogecoin, with unrealized losses near $4.12 million and cumulative funding fees of about $2.27 million. The update follows an Aug. 24 Hyperliquid rally that left Wintermute, Cumberland and Auros addresses with about $220 million in combined net short exposure, alongside large Wintermute-linked bitcoin transfers to Binance that fueled debate over directional selling versus delta-neutral market-maker hedging.