Looking at the latest on-chain data, the whale holdings on the Hyperliquid platform are quite interesting. Currently, large holders hold positions worth $5.32 billion, with longs accounting for $2.541 billion (47.77%), and shorts totaling $2.779 billion (52.23%). From this allocation, it appears that whales are still somewhat cautious about the market outlook, with a slight dominance of short positions.

In terms of profit and loss, there is some imbalance—long positions have lost $190 million, while short positions have gained $262 million. This indicates that the current market trend is quite favorable for short sellers.

One particularly notable whale, with an address ending in 'ae', opened a 5x full-margin long position at an ETH price of $3,147.39. The current situation is not very optimistic, with unrealized losses reaching $25.5992 million. This also highlights how risky leveraged trading can be—misjudging the market direction can cause even whale-level funds to endure significant floating losses.