Just because you see Wintermute’s $100 million+ short position and decide to go short too? You might only be seeing half the ledger. The address labeled as Wintermute, 0xecb6…, had a combined notional value of approximately $108 million in perpetual short positions as of 18:00 Beijing Time. But look at $HYPE alone: it had about 194,400 HYPE shorted, yet the same address held around 256,800 HYPE in collateral. Even after offsetting just these two positions, the net holding still exceeds the short position by roughly 62,400 HYPE. Seeing a short position doesn’t mean it’s betting on a price decline. This doesn’t prove every short is hedged—but it’s enough to remind you: the direction you’re copying might only be half of someone else’s full position.