Bullish collapse, bearish celebration, Hyperliquid whale holdings expose the market truth

According to the latest data, whale holdings on the Hyperliquid platform show a clear divergence. Of the current total holdings of $6.39 billion, not only are the shorts larger in scale, but they are also collectively profitable, while the longs are experiencing overall losses. What market signals does this reflect?

An Overview of Long-Short Imbalance Data

From the data, shorts not only lead in position size by $338 million but also have realized a profit of $212 million. Meanwhile, longs, although holding nearly half of the positions, are collectively losing $140 million. This contrast indicates a key issue: the market’s bearish forces are overpowering the bullish ones.

Risks Behind Whales Going Long Against the Trend

One noteworthy case is whale address 0xb317…ae. When ETH was priced at $3,147.39, this address went all-in with 5x leverage, holding a full position. It has not yet realized a loss, which now amounts to $6.9935 million. Currently, ETH is around $3,109.49, meaning this whale’s cost basis is higher than the current price.

There are several interesting aspects to this operation:

• Contrarian Stance: Despite the collective losses among longs, this whale did not cut losses but held its position
• High Leverage Risk: 5x leverage means a 20% drop in ETH could trigger liquidation
• Market Outlook: This move suggests the whale might believe ETH will rebound above $3,147

A True Reflection of Market Sentiment

Why are longs collectively losing? The fundamental reason is the overall bearish market outlook. As an on-chain perpetual contract platform, whale trading behavior often reflects the most genuine market sentiment. When shorts are profitable while longs are losing, it indicates short-term downward pressure in market expectations.

Related information shows ETH has recently been weak, with a 7-day decline of 0.79% and a 30-day decline of 4.19%. In this context, traders holding long positions are naturally facing losses.

Key Points to Watch Moving Forward

Whether this whale’s long position can turn losses into profits depends heavily on ETH’s ability to retake $3,147. If ETH continues to decline, the risk of liquidation for this position will increase gradually. Meanwhile, the overall losses among platform-wide longs could also worsen.

Conversely, if a market reversal occurs, these steadfast long positions could quickly turn profitable. This explains why some whales prefer to hold onto losing positions rather than close them—they are betting on a rebound.

Summary

Hyperliquid whale position data reveals the true market signals: clear advantage for shorts, pressure on longs. However, some whales are still holding onto long positions against the trend, which itself indicates market disagreement. Whether ETH can stay above $3,100 will directly determine the fate of these long positions. This also reminds traders that in on-chain perpetual contracts, whale holdings often reflect deeper market forces more accurately than price movements alone.