Hyperliquid Whale's 6.2 Billion Position Reversal: Bears Profit Big, Bulls Suffer Heavy Losses, High Leverage Risks Surface

According to the latest news, the whale holdings on the Hyperliquid platform currently amount to $6.211 billion, but the long-short landscape has undergone a significant reversal. Short position holders have realized a profit of $231 million, while longs are experiencing an unrealized loss of $157 million. What does this reflect? Why are smart money players choosing to short at this moment?

Shorts Have Become the Winners, Longs Are in Deep Trouble

Data shows that the whale position structure on Hyperliquid exhibits a clear advantage for shorts:

This data signals two key points. First, shorts have profited $231 million from the market decline—this is not paper profit but real gains. Second, the losses among longs are continuing to widen, with unrealized losses reaching $157 million, indicating that the whales betting on a bullish trend are paying the price for their previous optimism.

ETH’s Drop Becomes a Nightmare for Longs

Related news shows that ETH is currently priced at $3,093.07, down 0.93% in the past 24 hours. This decline may seem modest, but it is deadly for high-leverage traders.

A typical example is the whale address 0xb317…ae. This address opened a 5x full-margin long ETH at a price of $3,147.39. From the entry point to the current price, ETH has fallen about $54, which for 5x leverage means a direct loss of principal. The whale’s unrealized floating loss has already reached $10.1453 million, and this is just the tip of the iceberg.

Hyperliquid Becomes the Whale’s Main Battlefield

Why are these huge funds concentrated on Hyperliquid? According to related information, this platform indeed has its unique advantages.

Platform Position

• 24-hour trading volume of approximately $2.97 billion, ranking first among Perp DEXs
• TVL around $4.22 billion, with open interest approximately $8.34 billion
• This indicates that Hyperliquid has become a leading platform for derivatives trading

Why Whales Choose Here

Whales conduct large trades on Hyperliquid mainly because the platform supports high leverage and fast execution. This is crucial for institutional investors who need precise execution of large orders. In contrast, large orders on traditional centralized exchanges can trigger market panic, whereas trading on Hyperliquid’s Perp DEX allows for more discreet position building.

The Risks of High Leverage Are Emerging

The release of whale position data exposes an important phenomenon in the derivatives market: high leverage amplifies risks.

Behind the $157 million unrealized loss among longs is a multitude of participants betting on ETH continuing to rise. But when the market adjusts, these high-leverage positions can accelerate the downturn. Take 0xb317…ae as an example: a 5x full-margin leverage means a 20% price drop could trigger liquidation.

Related news also mentions that various whales are active on Hyperliquid—some are building positions, some are closing to realize profits, and others are adjusting their holdings. This high-frequency position shifting indicates that market participants have differing expectations about the future trend.

Summary

The latest data on whale holdings on Hyperliquid reveals a significant shift: shorts have gained the upper hand, and longs are paying the price for excessive optimism. This is reflected not only in the numbers (shorts profit $231 million vs. longs loss $157 million) but also in the position structure (the long-short ratio slipping from balance to 0.92).

For market participants, there are three key points to note. First, high leverage operations can be quickly amplified during market corrections, as exemplified by 0xb317…ae’s tens of millions of dollars in floating losses. Second, as the leading Perp DEX, changes in whale positions on Hyperliquid often signal shifts in market sentiment. Third, whether the current short dominance can continue depends on whether ETH can keep falling or stabilize at low levels.

Future focus should be on whether these longs with unrealized losses will continue to hold or choose to cut losses. If many longs close their positions, it could further deepen the decline; conversely, if they add to their positions to average down, market volatility may increase.