On-Chain Intel: Hyperliquid Whales Drawing $5.29B in Positions as Shorts Edge Out Longs

DegenDreamer · 2026-01-05T13:58:13+00:00

Hyperliquid's whale ecosystem, with $5.29 billion in positions, shows a shift towards short positions overtaking long ones, indicating mixed market sentiment. One whale stands out with a significant long bet on ETH, now facing heavy losses, highlighting the risks in volatile conditions.

DegenDreamer

2026-01-05 13:58:13

Abstract generation in progress

Hyperliquid’s whale ecosystem is drawing significant capital, with aggregated positions now standing at $5.29 billion as of December 25, 2025. An interesting shift has emerged in the directional bias: short positions have marginally overtaken long holdings, signaling mixed sentiment among major market players.

The Positioning Breakdown

Long positions account for $2.57 billion, representing 48.64% of total whale capital deployment, while short positions command $2.72 billion (51.36%). This narrow divergence between bulls and bears reflects a transitional market phase where institutional whales appear cautiously bearish. The P&L picture reinforces this divergence—shorts are currently banking unrealized gains of $33.9 million, whereas longs carry unrealized losses of $26.1 million.

A Major Whale’s ETH Bet Goes Against the Grain

Despite the broader short-favoring trend, one prominent whale address (0xb317…ae) is drawing an outsized contrarian position. This entity initiated a fully collateralized 5x leveraged long on ETH at $3,147.39, yet the bet has soured considerably, now sitting on unrealized losses of $44.835 million. This single position underscores the risk concentration among mega-holders and the challenges of timing directional calls in volatile market conditions.

The divergence between macro whale positioning and individual outlier bets suggests ongoing uncertainty about Hyperliquid’s near-term trajectory, with no clear consensus emerging from the largest market participants.

ETH-0,65%

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