Bottom line: whale shorts on Hyperliquid total about $3.96B in notional, outweighing longs at about $3.25B. There are fewer short addresses (about 700 versus 1,131), but their positions are larger.

#Hyperliquid #巨鲸动向 #Pre-market outlook

First, a look at the top positions this morning: address 0x5b5d51203a0f9079f8aeb098a6523a13f298c060 is short about $263M in ETH and $220M in BTC. Its combined short notional is about $661M, with total unrealized losses of about $46.13M (5x cross). The same list also shows short positions in SOL/HYPE, so the exposure isn’t diversified.

Spot market double core: $BTC Binance at about 83,365, OKX at about 83,396; $ETH at about 2,451/2,451. The page tracks about 121,000 addresses, around 1,527 of which have positions, with total notional of about $7.2B.

In plain English: Shorts are more concentrated, but that doesn’t mean they’ll win right away. The top players are already sitting on hefty unrealized losses, which shows that crowded trades come at a cost too. Do you think they’re scaling out near the top, or adding to losing positions?

View in real time: https://www.coinboss.com/hyperliquid-whales