Wintermute reduces Hyperliquid short by $131M, still holds $80.48M

This sizable de-risking by a major market maker signals a tactical shift rather than a full reversal, leaving a notable bearish footprint on Hyperliquid. The reduction matters because it eases immediate downward pressure, yet the remaining short suggests conviction hasn't flipped. For market observers, the key question is whether this is the start of a broader unwind or a pause before re-engagement, especially as liquidity dynamics adjust. Watching if other large participants follow suit—or if Hyperliquid's price action stabilizes—will clarify whether this move reflects a change in fundamental outlook or just position management.