According to on-chain data tracking, there have been some interesting changes in the large holder positions on the Hyperliquid platform recently. The whale accounts have a total position size of $5.424 billion, but the long and short positions are diverging—shorts slightly dominate with $2.816 billion (51.92%), while longs amount to $2.608 billion (48.08%).

What’s more noteworthy is the difference in profit and loss performance. The long camp is currently showing an unrealized loss of $227 million, while the shorts are enjoying an unrealized gain of $293 million. This contrast reflects the recent phase of the market trend.

One particularly eye-catching move by a whale involved a large account that, when ETH was priced at $3,147.39, used 5x leverage to go long on Ethereum with a full position. However, this high-stakes gamble has not yet realized a loss, which has already reached $41.7851 million. Such high-leverage operations, if liquidated, could result in significant losses. Similar extreme positions are still playing out in the current market, and traders should remain vigilant.