Been looking at this Hyperliquid wallet: 0x936c...bb0f $23.4M in open perps across 43 positions. $21.1M short, $2.3M long. BTC short alone is $9M, with another $4.3M short on ETH and SOL combined. Up $10.1M on perps over the last 30D. What's worth noting: 90% short exposure, but only 2.17x leverage at the account level. Still sitting on $5.56M in free balance. Wouldn't read too much into the bearish positioning without seeing how those shorts change over time.

This Hyperliquid whale is sitting on $753M in perp exposure, almost all shorts. $259M ETH, $215M BTC, $76M SOL, plus another $45M on HYPE. ETH/BTC/SOL shorts are down about $37M combined, but the account is still up $65.6M on perps over 30D. Also has $242M in spot. Not convinced this is a straight bearish bet. Could be hedging spot exposure. More interested in what they do next than the size of the shorts.

0x2b61…2f6c has $18.66M in open perps on Hyperliquid. $8.07M long ZEC: -$1.82M $10.58M short BTC/ETH/kPEPE/UNI: +$1.08M Net uPnL: -$739K 30d portfolio PnL: -$1.27M All 4 shorts are green. One ZEC long has the whole book underwater.

This whale is sitting on a $9.67M hyperliquid:native short on Hyperliquid. 121.3K HYPE shorted at $68.40, 10x leverage. Down $1.37M unrealized, but collected $191.6K in funding. Also has $9.66M sitting in spot. If that's HYPE spot, this looks more like a funding trade than an outright bearish bet.

This whale is running nearly $140M in longs on Hyperliquid. $101.4M BTC long at 12x $38.4M ETH long at 6x Down $1.27M on perps over the last 30 days. 94.9% of equity tied up in margin, with $0 free balance. Not HFT. Just a massive leveraged directional bet with very little margin buffer.

This whale is shorting pretty much everything on Hyperliquid. $36.2M in shorts across 15 positions. Not a single long. $21.8M ETH short is up $748K, but the NEAR short is bleeding $1.29M. Still up $2.16M on perps over the last 30 days. Nearly 60% of the exposure is ETH. One nasty squeeze could change things fast.

This HL whale is sitting on $42.1M in longs across 6 markets. $26.3M ETH, $5.7M SKHX, $4.4M ZEC, plus SOL, SNDK and SPCX. Up $4.19M in 30 days, but down ~$153K on current positions. 7.82x leverage, zero shorts. Dude's betting on everything going up lol.

This HL whale is sitting on a $28.94M ETH long (12K ETH) at $2,419.91. Down $101K on the position, but up $2.35M over the past 30 days. 20x leverage, no shorts. Dude's not exactly playing it safe.

Hyperliquid Ecosystem Weekly Recap #20

🚨A Bitcoin whale just moved 411.45 BTC worth roughly $34M after 13 years of inactivity. The coins were received in 2013 when BTC traded around $131, putting their value at just $54K back then. Funds went to a new wallet, with no exchange transfer reported so far.