Wintermute
Algorithmic market maker · liquidity across CEX and DeFi · @wintermute_t
Wintermute is one of the busiest market makers in crypto, and its balance is dominated by working inventory — a huge wrapped-HYPE position, ether, bitcoin and a long tail of tokens it quotes.
The desk's read
Almost everything here is float. Wintermute provides two-sided liquidity across dozens of venues, so its wallets hold whatever it needs to make markets right now — which is why the mix and the size swing constantly.
The oversized HYPE / Hyperliquid position is a live example: a market maker leaning into a fast-growing venue warehouses that venue's token. It's a liquidity footprint, not a price forecast.
The desk reads Wintermute as a map of where trading is actually happening. Concentration in a token often precedes or accompanies a surge in that market's volume.
What they hold
Largest token positions on-chain data maps to this entity, by USD value.
| Asset? | Chain? | Value? |
|---|---|---|
| WHYPE | hyperevm | $247.0M |
| BTC | bitcoin | $81.2M |
| MKR | ethereum | $27.8M |
| SOL | solana | $21.7M |
| WETH | ethereum | $15.5M |
| ETH | ethereum | $12.8M |
| WBTC | ethereum | $12.3M |
| USDC | ethereum | $11.3M |
| PAXG | ethereum | $9.1M |
| USDC | base | $7.9M |
How to read a row → WHYPE · hyperevm · $247.0M: this entity's largest position is $247.0M of WHYPE held on hyperevm. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| hyperevm | $252.2M |
| ethereum | $141.5M |
| bitcoin | $81.2M |
| solana | $67.6M |
| base | $26.5M |
| bsc | $18.3M |
How to read a row → hyperevm · $252.2M: $252.2M of the holdings live on hyperevm. Chains are ranked by value, so the top row is where most of the money sits.
Source: aggregated on-chain entity data, cross-checked against Etherscan. Balances are USD-denominated and move with price. Updated 20 Jul 2026.
Not investment advice. Entity labels are on-chain attribution and can be imperfect; a labelled balance may mix personal, treasury and custody wallets. Large balances do not imply intent — some never move.