$BTC whales are taking their biggest bearish positions on Hyperliquid since October 2025. The latest figures show: • $892M–$924M in BTC shorts. • $454M–$483M in longs. • The largest individual short stands at around $178.5M, with an entry near $76.4K. This shift is particularly interesting because the last time whale shorts reached similar levels was in October 2025, ahead of Bitcoin's sharp sell-off. The current setup brings back that same bearish sentiment. With BTC trading below the major short entry zone, these positions are currently sitting in profit. However, the growing concentration of short positions also creates room for a potential squeeze. A sustained move above $76.4K could put pressure on short sellers and trigger a wave of buying as they close their positions. For now, whale positioning points to strong bearish conviction, while the possibility of a short squeeze keeps the upside scenario alive. October 2025 offers a useful comparison, but the coming price action will determine whether history repeats itself.