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The desk runs its own numbers and publishes its calls next to the account that trades them. The short route:
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? |
|---|---|---|
| ETH | ethereum | $24.3M |
| BTC | bitcoin | $18.0M |
| SOL | solana | $15.4M |
| WETH | ethereum | $11.9M |
| USDC | ethereum | $11.2M |
| HYPE | hyperevm | $11.1M |
| USDC | solana | $9.5M |
| SOL | solana | $9.3M |
| USDT | ethereum | $8.8M |
| USDT | solana | $8.3M |
How to read a row → ETH · ethereum · $24.3M: this entity's largest position is $24.3M of ETH held on ethereum. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| ethereum | $118.2M |
| solana | $67.8M |
| base | $20.1M |
| bitcoin | $18.0M |
| arbitrum_one | $12.3M |
| hyperevm | $11.1M |
How to read a row → ethereum · $118.2M: $118.2M of the holdings live on ethereum. Chains are ranked by value, so the top row is where most of the money sits.
Source: balances read directly from public chain RPCs, priced via DeFiLlama. USD-denominated, so they move with price as well as with flows. Updated 4 Sep 2026.
Other fund / institution: BlackRock · Strategy · Grayscale · Bitwise
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.