Last night, the whole internet went wild over a whopping 900+ million, with more than 800 million coming from short positions.
A lot of people, around 2,600, thought, “It’s basically up enough,” and casually opened a short—only to get liquidated instantly as price surged. But the on-chain whales move the opposite way:
When ETH spiked higher last night, one big player on Hyperliquid chased a long at an average price of 2,693, buying more than 40,000 ETH worth—$ETH . Their position size reached over $100 million. They held for 11 hours, and the unrealized profit on the books is currently $1.5 million.
Someone’s bound to wonder: with such a strong rally, why chase it—aren’t they afraid of getting hung up at the top?
Actually, once you’ve been in the market long enough, you’ll understand: when big money is making a breakout, they don’t really obsess over whether the entry is the absolute lowest. They only care whether the liquidity is deep enough. When shorts line up for liquidation, that’s when buy pressure is strongest and slippage is smallest—which is exactly the most comfortable entry window for large positions.
Right now, the broader market isn’t trading any macro narrative at all—it’s just the purest squeeze of the shorts.
Weak coins are basically being ignored. Today, one address cut and took profit on a $CRV position held for 3 years and still managed to lose 4 million in one go. All the money is tied up in BTC, ETH, and a few top liquidity pools.
In a one-way market, the most taboo thing is using your own principal to test a big player’s determination. If you can’t figure it out, it’s better to sit in cash and watch. Guessing the top against the trend is the easiest way to hand over money for free.
A lot of people, around 2,600, thought, “It’s basically up enough,” and casually opened a short—only to get liquidated instantly as price surged. But the on-chain whales move the opposite way:
When ETH spiked higher last night, one big player on Hyperliquid chased a long at an average price of 2,693, buying more than 40,000 ETH worth—$ETH . Their position size reached over $100 million. They held for 11 hours, and the unrealized profit on the books is currently $1.5 million.
Someone’s bound to wonder: with such a strong rally, why chase it—aren’t they afraid of getting hung up at the top?
Actually, once you’ve been in the market long enough, you’ll understand: when big money is making a breakout, they don’t really obsess over whether the entry is the absolute lowest. They only care whether the liquidity is deep enough. When shorts line up for liquidation, that’s when buy pressure is strongest and slippage is smallest—which is exactly the most comfortable entry window for large positions.
Right now, the broader market isn’t trading any macro narrative at all—it’s just the purest squeeze of the shorts.
Weak coins are basically being ignored. Today, one address cut and took profit on a $CRV position held for 3 years and still managed to lose 4 million in one go. All the money is tied up in BTC, ETH, and a few top liquidity pools.
In a one-way market, the most taboo thing is using your own principal to test a big player’s determination. If you can’t figure it out, it’s better to sit in cash and watch. Guessing the top against the trend is the easiest way to hand over money for free.