CPI Runs 'Hot,' Triggers Secondary Market Liquidations! Market Maker Giant Wintermute Opens $75M in Shorts? Last night (October 14), the U.S. September CPI data came in stronger than expected, becoming the main driver behind the sustained pressure on the crypto secondary market today and the liquidation of long positions. At the same time, a snapshot of market maker giant Wintermute's "massive net short" position on the on-chain perpetual protocol Hyperliquid has sparked intense discussion in the community. 1. Breaking Down the "Hot" CPI Data: Macro Rate Hike Expectations Back in Focus Overall CPI: MoM +0.6%, YoY 3.7% (higher than the expected 3.6%, marking the highest since May) Core CPI: MoM +0.3% (higher than the expected 0.2%), YoY 2.6% (higher than the expected 2.5%) Key drivers: Surging energy and gasoline prices (gasoline spiked about 9.1% in a single month) BTC briefly dipped to the $80,000 level during intraday trading, triggering widespread liquidations in both on-chain and derivatives markets. 2. On-Chain Whale Moves: Wintermute Opens $75.45M in Shorts On-chain data analytics platform Onchain Lens revealed that market maker giant Wintermute's positions have further fueled market panic. Total positions: Holding approximately $87.34M in open positions on the DEX derivatives platform Hyperliquid. Short ratio: Short positions account for a massive $75.45M (long positions only $11.89M). Main short targets: - ETH: $18.33M in shorts - SOL: $12.07M in shorts - SP500 (S&P 500 Index): $10.72M in shorts In the short term, the unexpected CPI data has disrupted expectations of a Fed rate cut. Combined with on-chain market makers' hedging positions and high-leverage liquidations, this has led to significant market volatility.