The identified wallet, tracked by analytics firm Onchain Lens, significantly increased its bearish exposure from $146.19 million to $190.77 million as of August 24. While XRP faces this $10.19 million pressure, it remains a smaller fraction of the total $3.61 billion in open interest currently circulating in the market. Ethereum leads the wallet's short portfolio at $53.02 million, followed by Bitcoin at $30.66 million and Solana at $22.62 million.
In section Cryptocurrency
Wintermute-linked wallet holds $10M short against XRP rally
A cryptocurrency wallet widely attributed to market maker Wintermute has built a $10.19 million short position against XRP, even as the asset sustains a 47% weekly surge. The move is part of a broader $190.77 million short book on the Hyperliquid exchange that includes heavy bets against Ethereum and Bitcoin.
Market observers caution that these positions do not necessarily signal a bearish outlook for XRP or other assets. Market makers frequently employ perpetual futures to hedge spot inventory or manage client-side exposure across multiple exchanges. Because the wallet’s attribution relies on third-party labels rather than direct confirmation from Wintermute, the exact purpose of the trades remains opaque. Furthermore, exchange activity—such as transfers to Binance—often serves collateral management or internal settlement rather than immediate liquidation. As XRP trades near $1.47, the asset faces a critical test of support between $1.44 and $1.46, with potential for further volatility if the wallet’s shifting derivatives strategy continues to evolve.
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