Executive Summary
Hyperliquid's top 20 whale positions (>$1M) show a nearly balanced market sentiment with $392.23M in long positions versus $397.16M in short positions across major cryptocurrencies. The most significant positions are concentrated in $ETH and $BTC , with several whales taking substantial leveraged bets in both directions. Coinglass
Top Whale Positions Overview
Whale Positions by Symbol
Top 20 whale positions on Hyperliquid (>$1M notional). Long: 9 ($392.23M), Short: 11 ($397.16M). ...
Key Whale Activity by Asset
Ethereum (ETH) Positions:
Largest ETH Long: $112.30M position (15x leverage) currently down -$22.09M
Significant ETH Short: $32.97M position (25x leverage) up +$19.63M
Total ETH exposure: $175.27M across 4 major positions
Bitcoin (BTC) Dominance:
10 of the top 20 positions are in BTC
Total BTC exposure: $354.87M
Mixed sentiment with both large longs and shorts active
HYPE Token Concentration:
4 positions totaling $145.71M
Mixed performance: two positions profitable, two underwater
All positions using 5x leverage
Market Sentiment Analysis
SentimentPosition ValueNumber of PositionsNotable CharacteristicsBullish (Long)$392.23M9 positionsHigher leverage (avg 15x), mixed performanceBearish (Short)$397.16M11 positionsExtreme leverage (avg 18x), generally profitable
Notable Observations:
The largest long position (ETH, $112.30M) is significantly underwater at -$22.09M
Short positions are generally profitable, with the top BTC short up +$20.34M
Leverage ranges from 3x to 40x, indicating varied risk appetites
Risk Assessment
High-Risk Positions:
0x8af7...fa05: BTC long with 40x leverage, down -$13.32M
0x939f...04d2: BTC long with 40x leverage, down -$4.35M
0xa5b0...1d41: ETH long with 15x leverage, down -$22.09M
Successful Positions:
0x1b52...d41b: BTC short with 20x leverage, up +$20.34M
0x35d1...acb1: SOL short with 20x leverage, up +$34.94M
0x20c2...44f5: ETH short with 25x leverage, up +$19.63M
Implications for Market Outlook
The nearly balanced long/short ratio suggests whales are divided on market direction. However, the fact that short positions are generally profitable while major long positions are underwater indicates recent market pressure has favored bears.
The concentrated HYPE positions (nearly $150M total) represent significant smart money interest in this asset, though performance is mixed with two positions profitable and two underwater.
Limitations
This analysis is limited to Hyperliquid exchange data and represents only positions exceeding $1M. Whale activity on other exchanges and in spot markets is not captured in this dataset. The data is current as of 2026-02-06 08:35:45 UTC. Coinglass
Bottom Line: Smart money is actively trading both sides of the market with high leverage, but recent price action has favored short positions. The massive ETH long sitting at a $22M loss represents a potential pressure point if forced to liquidate.