Two major market makers on Hyperliquid have reportedly reduced their Bitcoin liquidity exposure, with Wintermute and Auros Global collectively cutting nearly $100 million in positions.

The move has sparked attention across the crypto derivatives market as traders monitor potential impacts on liquidity conditions and trading activity involving Bitcoin and Ethereum.

Market maker withdrawals can sometimes affect order book depth, spreads, and short-term volatility, especially on high-volume perpetual trading platforms.

The development comes amid broader caution across crypto markets as firms continue adjusting risk exposure in response to changing market conditions.

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