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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 | $27.8M |
| BTC | bitcoin | $26.3M |
| SOL | solana | $22.5M |
| USDC | ethereum | $15.3M |
| WETH | ethereum | $14.3M |
| USDT | ethereum | $12.5M |
| HYPE | hyperevm | $11.5M |
| USDC | base | $8.2M |
| stETH | ethereum | $7.7M |
| USDC | solana | $7.3M |
How to read a row → ETH · ethereum · $27.8M: this entity's largest position is $27.8M of ETH held on ethereum. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| ethereum | $136.3M |
| solana | $62.2M |
| bitcoin | $26.3M |
| base | $21.8M |
| bsc | $12.8M |
| arbitrum_one | $12.4M |
How to read a row → ethereum · $136.3M: $136.3M 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 23 Aug 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.