$6.286 billion whale holdings overview: Hyperliquid bears outperform bulls, who is making money

Hyperliquid platform whale holdings data shows a clear imbalance. According to the latest news, the platform’s whale total holdings have reached $6.286 billion, but the distribution between longs and shorts is severely uneven: short positions amount to $3.328 billion (52.95%), surpassing long positions of $2.957 billion (47.05%). More notably, there is a floating profit of $240 million in shorts and a floating loss of $161 million in longs, indicating market sentiment is clearly leaning bearish.

The true picture of short dominance

What does a 0.89 long-to-short ratio imply? This number reflects a subtle market signal: although shorts only lead longs by 5 percentage points, in actual gains, shorts are far ahead. The $240 million floating profit in shorts compared to the $161 million floating loss in longs shows a gap of up to $400 million. This indicates that the whale holders not only have a bias towards short positions in terms of quantity but also have more accurate judgment in their operational direction.

Risk cases of whale operations

Whale 0xb317…ae’s being trapped experience

The special mention of whale address 0xb317…ae provides an interesting contrast case. This whale opened a long position with 5x leverage when ETH was priced at $3,147.39. Based on the current ETH price of $3,092.48, this long position is already floating a loss of $10.67 million.

What does this case tell us? Even among whales, judging the market direction is not easy. The decline from $3,147.39 to $3,092.48 is only 1.76%, but with 5x leverage, it translates into an 8.8% loss of the account. Additionally, from the actions of other whales in the news, ETH has indeed been under pressure recently: the total floating profit of the “BTC OG insider whale” account has shrunk from $27 million to $7.8 million, and the floating profit of ETH long positions is also decreasing.

The true reflection of market sentiment

By observing the operations of other active whales, we can see the overall market sentiment:

• “BTC OG insider whale” remains the top ETH long holder, but its floating profit has significantly shrunk
• “Shanzhai Air Force Leader” has expanded short positions by over $25 million in the past two months, with total holdings reaching $56.5 million
• Several whales have been continuously building or adding to short positions recently

This is not an isolated operation but a collective directional choice.

Power dynamics in the Hyperliquid ecosystem

It is worth noting that these data reflect the whale ecosystem on the Hyperliquid platform. According to related information, Hyperliquid experienced explosive growth in 2025: user numbers increased from 300,000 to 1.4 million (a 367% increase), 24-hour trading volume reached $32 billion (a 113% increase over 2024), and open interest reached $16 billion.

In the context of such rapid expansion, the imbalance in whale holdings warrants attention. Although the $6.286 billion whale holdings account for about 39% of the total open interest of $16 billion, whale operations often serve as market indicators.

Summary

The whale holdings data on Hyperliquid reveal several key points:

• Shorts are dominant but with a slight advantage: The 52.95% vs. 47.05% gap is significant but not enough to form an overwhelming market consensus
• Shorts are more profitable: $240 million floating profit vs. $161 million floating loss, reflecting more accurate short-term judgment
• Individual risks still exist: Even large whales can get trapped; a 1.76% price fluctuation with 5x leverage can cause an 8.8% account loss
• Platform ecosystem is active: Hyperliquid’s rapid growth has attracted more whales, and the imbalance in holdings reflects genuine market participant choices

From a personal perspective, this delicate imbalance between longs and shorts, combined with the actual profit advantage of shorts, indeed indicates market caution about short-term trends. However, the risk cases of whale operations also remind us that even large funds need to respect leverage multiples. The key going forward is whether ETH can stabilize around $3,000, which will directly influence whether floating losses in longs further expand or gradually recover.