Bitcoin whales turn net short on Hyperliquid for first time since March

Bitcoin whales on Hyperliquid have turned net short for the first time since March, according to Glassnode, reversing their earlier bullish positioning as BTC trades near $80,000. Summary Glassnode says Hyperliquid whales moved from net long to net short last week. The analytics firm has raised both a deeper pullback and a short squeeze as possibilities. Hyperliquid pays funding hourly, with positive rates requiring longs to pay shorts. Earlier Glassnode research placed major liquidation clusters near $85,000 and $87,000. Glassnode said in an Oct. 27 post that the large traders it tracks on Hyperliquid had previously taken long positions near Bitcoin’s bottom before changing direction last week. The firm described the cohort as net short “for the first time since March.” Its assessment left two possible outcomes open, with the traders either positioning ahead of another decline or facing losses if Bitcoin rebounds and squeezes their shorts. Bitcoin whales reverse their earlier long positioning In the post, Glassnode described the previous long trade as well timed but did not frame the latest bearish positioning as a confirmed forecast of lower prices. The firm’s question concerned ...