Major market maker Wintermute is slowly 𝗧𝗪𝗔𝗣-𝗯𝘂𝘆𝗶𝗻𝗴 PONS and currently holds just over $𝟯𝗠 of the token — systematic accumulation that suggests inventory-building for on-chain market-making. This sits directly against trader loracle.hl's $𝟭𝟲.𝟯𝗠 PONS short on Hyperliquid, which carries $𝟲.𝟲𝗠 in unrealized losses. 𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: 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(Hupzy (Spot On Chain))