Hyperliquid whales have turned bearish: first net short position in $BTC in 7 months
Bottom line first: this isn’t ordinary bearish noise—it’s a real-money positioning shift visible on-chain. With CPI due tonight at 21:30, don’t bet on a direction around 75,000.
What the bears are saying:
1. Glassnode data shows that Hyperliquid whales flipped from net long to net short about two weeks ago, ending a 7-month net-long position. Their current short exposure is the highest since October 2025. The flip happened on October 27, when $BTC closed at 80,801; since then, it has fallen about 6%.
2. The weekly close was 74,968, below the 50-week moving average (around 75,200–75,500)—the first close below it in 7 weeks. TradingView’s technical summary gives it a straight Sell rating, with RSI at 36.
3. The last time Hyperliquid whales held a short position of comparable size, $BTC saw a sharp drop. History doesn’t simply repeat itself, but this signal has never been just for show.
4. The flows are backing this up too: spot ETFs saw $1.28 billion in outflows last week, with IBIT alone accounting for $1.21 billion and six consecutive days of outflows.
What the bulls are saying:
1. AshCrypto: As long as the weekly close quickly gets back above the 50-week moving average, it could force these aggressive shorts to cover—and short covering itself is the most powerful fuel for a rally.
2. Binance’s funding rate was still slightly positive on November 7 (+0.0000059). The broader market isn’t unanimously bearish; Hyperliquid whales are going against the market.
3. The whales may simply be hedging spot holdings, rather than making a purely directional bearish bet—Glassnode can only see activity on Hyperliquid.
My take:
Whales turning bearish + the weekly close falling below the 50-week moving average + six consecutive days of ETF outflows: all three point in the same direction. Don’t chase longs above 75,000; treat any bounce as a relief rally for now.
Key levels: 74,400 is the first short-term line of defense. If it breaks, watch 72,550; below that, see whether the 200-day moving average at 73,163 can hold on a closing basis. Only if price gets back above 75,500 and stays there for 1–2 days should we talk about a short squeeze reversal.
U.S. October CPI is due tonight at 21:30 (forecast: +0.3% month over month, core +0.2%). Stay cautious and watch rather than act before the data—if CPI comes in hotter than expected, the bears will have an even stronger hand.
Bottom line first: this isn’t ordinary bearish noise—it’s a real-money positioning shift visible on-chain. With CPI due tonight at 21:30, don’t bet on a direction around 75,000.
What the bears are saying:
1. Glassnode data shows that Hyperliquid whales flipped from net long to net short about two weeks ago, ending a 7-month net-long position. Their current short exposure is the highest since October 2025. The flip happened on October 27, when $BTC closed at 80,801; since then, it has fallen about 6%.
2. The weekly close was 74,968, below the 50-week moving average (around 75,200–75,500)—the first close below it in 7 weeks. TradingView’s technical summary gives it a straight Sell rating, with RSI at 36.
3. The last time Hyperliquid whales held a short position of comparable size, $BTC saw a sharp drop. History doesn’t simply repeat itself, but this signal has never been just for show.
4. The flows are backing this up too: spot ETFs saw $1.28 billion in outflows last week, with IBIT alone accounting for $1.21 billion and six consecutive days of outflows.
What the bulls are saying:
1. AshCrypto: As long as the weekly close quickly gets back above the 50-week moving average, it could force these aggressive shorts to cover—and short covering itself is the most powerful fuel for a rally.
2. Binance’s funding rate was still slightly positive on November 7 (+0.0000059). The broader market isn’t unanimously bearish; Hyperliquid whales are going against the market.
3. The whales may simply be hedging spot holdings, rather than making a purely directional bearish bet—Glassnode can only see activity on Hyperliquid.
My take:
Whales turning bearish + the weekly close falling below the 50-week moving average + six consecutive days of ETF outflows: all three point in the same direction. Don’t chase longs above 75,000; treat any bounce as a relief rally for now.
Key levels: 74,400 is the first short-term line of defense. If it breaks, watch 72,550; below that, see whether the 200-day moving average at 73,163 can hold on a closing basis. Only if price gets back above 75,500 and stays there for 1–2 days should we talk about a short squeeze reversal.
U.S. October CPI is due tonight at 21:30 (forecast: +0.3% month over month, core +0.2%). Stay cautious and watch rather than act before the data—if CPI comes in hotter than expected, the bears will have an even stronger hand.