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Major market maker Wintermute is slowly ๐ง๐ช๐๐ฃ-๐ฏ๐๐๐ถ๐ป๐ด PONS and currently holds just over $๐ฏ๐ of the token โ systematic accumulation that suggests inventory-building for on-chain market-making. This sits directly against trader loracle.hl's $๐ญ๐ฒ.๐ฏ๐ PONS short on Hyperliquid, which carries $๐ฒ.๐ฒ๐ in unrealized losses. ๐๐๐ฝ๐๐ ๐๐ฎ๐ธ๐ฒ: Wintermute's steady accumulation into an active large underwater short creates a constructive setup with squeeze potential. Buy-side flow from a major MM meeting a leveraged short under water is exactly the dynamic that can force a short-covering rally. If Wintermute begins on-chain market-making for PONS, improved liquidity could amplify the effect. PONS traders on Aster should watch whether loracle's short adds further or starts covering. The $6.6M unrealized loss is already significant โ further PONS upside increases liquidation risk on that position, which would feed the squeeze. https://arkm.com/explorer/entity/wintermute source: arkham Track real-time signals & trade โ https://hupzy.com/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=2427(Hupzy (Spot On Chain))



