Hyperliquid whales stack Bitcoin shorts to highest level since October 2025
Large traders on Hyperliquid have pushed their Bitcoin short positions to the highest level since October 2025, with shorts nearly doubling longs.
The biggest traders on the decentralized perpetual futures exchange have significantly increased their bearish bets on Bitcoin, with short positions reaching levels not seen since October 2025. These large accounts, known as whales, now hold between $892 million and $924 million in Bitcoin shorts, compared to just $454 million to $483 million in long positions.
The Numbers Behind the Bet
This positioning results in a net short bias estimated at $345 million to $470 million. The largest single whale short stands at approximately $178.5 million, opened at an entry price around $76,390. Other significant shorts include positions of $155 million and $101.8 million, with several more exceeding $60 million each.
Bitcoin was trading around $75,800 to $76,000 at the time of the data collection. Hyperliquid whales flipped to a net short position on October 27, 2026, and have been consistently adding to that stance since.
Market Implications
The concentrated short interest creates conditions for a potential short squeeze if Bitcoin's price rises instead of falling. The largest whale opened its short around $76,390, just above current trading levels. Sustained moves above these entry points would put significant pressure on these bearish positions.
The straightforward read is that the platform's largest players expect Bitcoin to fall in the near term.
Broader Context
Hyperliquid operates on its own Layer-1 blockchain and has become a closely watched venue for leveraged crypto trading. The bearish sentiment extends beyond Bitcoin, with some of the same whale accounts also shorting HYPE, Hyperliquid's native token. This suggests broad caution among the platform's largest players rather than a narrow trade on a single asset.
Traders should watch whether the net short bias continues to grow or begins to unwind, Bitcoin's behavior around the $76,000 area where the largest short entries cluster, and the development of HYPE shorts. The positioning hasn't been this bearish in over a year, marking a significant shift in sentiment among well-capitalized traders.
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