Hyperliquid saw a broad rally on Aug. 24, with 66 of 76 main perpetual contracts that traded more than $1 million in the previous 24 hours rising. The 86.8% gain rate had a median increase of about 4.6%; Bitcoin rose about 1.8%, Ether gained about 2.7%, and some altcoins climbed more than 10%. Addresses labelled as belonging to Wintermute, Cumberland and Auros held about $230 million in crypto short positions against roughly $9.93 million in longs, creating net short exposure of about $220 million and combined unrealized losses of about $6.92 million. Wintermute accounted for about $163 million of the shorts across 61 positions, with its Ether, Bitcoin, Solana and HYPE shorts approaching $100 million combined. The positioning reflects how market makers can accumulate short inventory when aggressive buying consumes ask-side liquidity. Wintermute had begun covering shorts and reducing its net exposure by the time of publication.