I just reviewed the position data on Hyperliquid, and there’s something interesting to note. The whales now have 3.71 billion in total position volume, and the curious thing is that they’re practically split in half: 1.856 billion in longs and 1.855 billion in shorts. It’s quite balanced—almost as if they’re playing both sides of the market.

What caught my attention is the performance. Those who went long have unrealized gains of 45 million, but those who entered shorts are in the red with losses of 65.6 million. It’s not a bad outcome for the longs, but clearly the shorts aren’t winning in this cycle.

There’s a particular whale ( dirección 0x94d3..14) that opened a BTC short with 40x leverage when the price was at 71,652. That’s pretty aggressive, and right now it has nearly 4.7 million in unrealized losses. When you see the big players moving those kinds of numbers with such high leverage, you understand why the market can be so volatile. These whale moves with extreme long and short positioning are what generate most of the noise on decentralized platforms.