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

The biggest traders on Hyperliquid have changed sides. For the first time since March, whale accounts on the decentralized derivatives exchange hold more Bitcoin short exposure than long exposure. The flip follows a positioning shift that played out last week. It comes with Bitcoin hovering around $80,000 and a pile of short positions sitting uncomfortably close to the current price. The numbers behind the flip As of October 27, whale-tracking data on Hyperliquid showed large accounts holding approximately $1.33 billion in Bitcoin shorts. Their longs totaled around $952 million. That works out to a net short position of roughly $377 million. Put simply, the whales collectively are betting more money on Bitcoin falling than on it rising. A handful of wallets are doing a lot of the heavy lifting. Several individual addresses hold short positions exceeding $200 million each, with entries clustered around $76,000. One address alone carries a $210 million short opened at roughly $76,000. With Bitcoin trading near $80,000, a short entered at that level would be sitting below water on paper. Across whale accounts, open interest on Hyperliquid’s Bitcoin perpetual contracts exceeds several ...