Major market maker Wintermute is slowly - PONS and currently holds just over $ of the token — systematic accumulation that suggests inventory-building for on-chain market-making. This sits directly against trader loracle.hl's $. PONS short on Hyperliquid, which carries $. in unrealized losses. : 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 — 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 → https://(hupzy.com)/trending?utm_source=x&utm_medium=social&utm_campaign=agent_x_post&utm_content=2427