Large traders on Hyperliquid are holding $3.4 billion in positions, with $1.737 billion in longs and $1.663 billion in shorts, leaving the market almost evenly balanced.
Despite the slight long bias, whales are currently losing on bullish bets, with aggregate long positions down $153 million while shorts are up $161 million.
A key wallet, identified as 0xa5b0..41, is running a 15x leveraged long on Ether entered around $2,148.7, now showing an unrealised loss of about $8.6 million.
The positioning highlights how leveraged traders have been caught on the wrong side of recent price movements, with dip-buying strategies underperforming.
Hyperliquid’s data also suggests higher levels of genuine leverage compared to some competing platforms, based on relative liquidation activity.
The current imbalance, where shorts are profitable despite a near-even positioning split, indicates bearish momentum has dominated recent trading conditions.
Market watchers are now focused on whether whales will increase long exposure, reduce risk, or shift more aggressively into short positions.
Funding rates, liquidation levels and open interest trends in the coming sessions are expected to determine the next directional move.
At the time of reporting, Hyperliquid price was $35.53.