Hyperliquid Platform Whale Holdings Major Reversal: Shorts Profit While Longs Get Trapped, Whale's 5x Long ETH Already Lost $44.94 Million

According to the latest news, the whale holdings structure on the Hyperliquid platform has shown a significant imbalance, with bearish forces clearly dominating. As of now, the total whale holdings on the platform reach $5.818 billion, but the distribution between longs and shorts is severely uneven, with short positions accounting for over 52%, while long holders are suffering substantial losses. This structural imbalance reflects market participants’ cautious attitude towards the future market.

Whale Holdings Imbalance: Shorts Fully Dominant

Based on Coinglass data, the long and short positions of whales on the Hyperliquid platform are as follows:

This data reveals two key signals. First, the long-to-short ratio is 0.89, meaning the short positions exceed the long positions by approximately $326 million. More importantly, the profit and loss directions indicate that longs are not only trapped but have accumulated losses of $225 million, while shorts are profitable by $304 million during the same period. This “one side profits, the other side loses” pattern usually indicates significant divergence among market participants’ price trend judgments.

Why are shorts dominant?

From the holdings structure, it is clear that the whale community is notably cautious about the future market. The short positions, accounting for 52.8%, are currently profitable, indicating that their bearish outlook has been validated by recent market movements. In contrast, although longs still hold nearly half of the positions, their losses suggest that the entry points for their positions may have been set too high.

Risk Signals of High Leverage Long Positions by Whales

In this context where shorts are dominant, a single large whale operation stands out. According to data, whale address 0xb317…ae opened a full position with 5x leverage at a price of $3,161.85 for ETH and is now facing an unrealized loss of $44.9487 million.

Risks of this operation

• Unfavorable Entry Timing: The whale went long at $3,161.85, while the current ETH price is $2,958.13, down about $203 (approximately 6.4% decline)
• Leverage Risk: 5x leverage means a 6.4% decline could wipe out 32% of the principal, approaching liquidation risk
• Contrarian Operation: In an environment where shorts dominate and longs are generally losing, a high-leverage long position is more vulnerable to liquidity shocks
• Psychological Pressure: An unrealized loss of $44.9487 million is a significant psychological challenge for any trader

Historical comparison

Related reports mention that on January 23, a whale used 25x leverage to long 4,212 ETH at an average entry price of $2,962.62, which also resulted in a “slight unrealized loss.” This indicates that recent aggressive long positions among whales have generally faced difficulties.

Market Significance: Increasing Whale Divergence

This data reflects an important phenomenon in the current crypto market: the divergence within the whale community is intensifying. Some whales are profiting from timely short positions, while others are trapped due to early or overly aggressive long positions.

This divergence often signals two possible market directions: one, the price continues downward, and shorts keep profiting; two, the price stabilizes and rebounds, allowing trapped longs to gradually unwind. Based on the overall attitude of whales on the Hyperliquid platform, more funds are currently leaning towards shorting or waiting, which is not favorable for longs in the short term.

Summary

The whale holdings data on Hyperliquid indicates that the market is in a phase where shorts are dominant and longs are under pressure. Short positions account for 52.8% and are profitable, while longs, at 47.2%, are suffering a loss of $225 million. This structural imbalance reflects cautious sentiment among whales regarding the future market. A single whale’s 5x leveraged long operation has already lost $44.94 million, further confirming the risks faced by long positions at present. For market participants, the key is to observe whether this imbalance can be broken—if shorts continue to profit, the market may face greater downside pressure; if the price stabilizes and rebounds, trapped longs may have a chance to unwind.