A wallet repeatedly linked by on-chain researchers to Wintermute holds roughly $126.25 million in short positions on Hyperliquid, according to Onchain Lens. The largest reported exposure is a $46.92 million Ethereum short, followed by $11.30 million in Solana and $10.03 million in HYPE. The tracked positions showed about $963,600 in unrealized profit on Sept. 28, while lifetime profit and loss was approximately $197.22 million. Wintermute has not publicly confirmed ownership of the address or explained the positions. The exposure comes after FTX- and Alameda-linked wallets transferred 27,372 ETH worth about $75 million to Wintermute addresses, although the transfer’s purpose and any connection to the short book remain unconfirmed. The positions may represent hedges or market-making activity rather than a direct directional bet, as the wallet has previously quoted both bids and asks across numerous assets and firms can offset derivatives exposure elsewhere.