Whales also lost? Hyperliquid platform's short positions profit by 226 million, while long positions are in deep trouble

According to the latest data, whale positions on the Hyperliquid platform show a clear imbalance between longs and shorts. Out of a total position of $6.468 billion, shorts not only outnumber longs (51.76%) but also realize a profit of $226 million, while longs, with a position of $3.12 billion, suffer a loss of $151 million. This contrast reflects the current market pressure.

Imbalance Between Long and Short Positions of Platform Whales

Based on Coinglass data, the current whale holdings on Hyperliquid are as follows:

This means that shorts not only have a slight numerical advantage but also significantly outperform longs in profitability. The scale of longs’ losses is 67% of shorts’ profits, indicating that the market’s bearish outlook has already been realized.

Case Warning: Whale’s Floating Loss Dilemma

The case of the whale address 0xb317…ae mentioned in the news further illustrates the issue. This address opened a 5x long position at ETH price of $3,147.39 and is currently facing a floating loss of $9.9623 million.

According to relevant information, ETH is now priced at $3,094.68, down $52.71 from the opening price, a decline of about 1.68%. Under 5x leverage, this decline translates into an 8.4% loss on the account, which explains why floating losses are approaching $10 million.

More notably, this is not an isolated case. Data shows that another address, known as the “BTC OG insider whale,” also opened ETH long positions at similar prices and is floating at a loss of $5.42 million, with an average entry around $3,147. Multiple whales opening longs at similar levels and collectively facing difficulties indicate that this price range is indeed a significant pressure zone.

Deeper Market Signal Implications

Why are shorts making money

From a timeline perspective, the $226 million profit of shorts did not form overnight. This indicates that in recent market movements, bearish positions have already gained substantial returns. Such profits typically come from two sources: one, profiting during the decline after opening shorts at high levels; and two, realizing gains through closing positions during rebounds.

Why are longs losing money

The $151 million loss for longs reflects two issues: first, poor entry points, with many longs opening positions at relatively high levels; second, a lack of upward momentum in the market, where longs did not see the expected rise after entering, instead facing ongoing pressure.

Hyperliquid’s Ecosystem Position

It should be noted that Hyperliquid, as the largest decentralized perpetual contract platform, provides important market reference data through whale positions. According to recent reports, Hyperliquid’s trading volume in the past 24 hours reached $7.54 billion, far surpassing other Perp DEX platforms (Aster $5.75 billion, Lighter $4.66 billion). This suggests that whale movements on Hyperliquid often reflect the true intentions of mainstream market funds.

Summary

The whale data on Hyperliquid reveals several key market phenomena: shorts not only dominate in number but also outperform longs in profitability, indicating that bearish funds have been validated by the market. Although longs still hold substantial positions, the collective floating losses suggest a lack of upward momentum.

Looking ahead, it is crucial to observe whether this imbalance between longs and shorts will continue to widen, and whether longs will choose to cut losses or add positions under pressure. If longs persist, a new support level may form; if they exit, downward pressure could intensify further. Changes in this dynamic balance will be an important reference for predicting future market trends.