I just noticed that the total open positions on Hyperliquid have reached $2.936 billion, and interestingly, the ratio of long to short positions is very close to balance at 0.97, meaning the bulls and bears are in a real battle here. The long positions have lost about $116 million, while the short positions are in profit by $200 million, reflecting the current pressure on prices.

Something crazy I saw: one of the top traders bought ETH with 15x leverage entirely at $1991.53, and now their unrealized losses have reached $982,000. This is a kind of very high-stakes bet. When the long-short ratio is close to equilibrium like this, we often see sharp volatility coming.