Hyperliquid Data Alert: Whales dominate short positions, long positions are floating at a loss of $157 million

2026-01-11 07:31:41

According to the latest news, the whale holdings on the Hyperliquid platform currently amount to $6.408 billion, but market sentiment remains pessimistic. Bulls are being suppressed by bears, and the long position’s profit and loss have already turned negative. What does this reflect?

A True Reflection of Market Sentiment

From the position data, bears are gaining the upper hand. Long positions total $3.087 billion, accounting for 48.17%, while short positions are $3.322 billion, accounting for 51.83%, with a long-short ratio of only 0.93. This means that for every $1 long, there is $1.07 short, indicating a slight dominance of bears.

More noteworthy is the contrast in profit and loss. Long positions are floating at a loss of $157 million, while short positions are floating at a profit of $233 million. This is not just a simple numerical comparison but a reflection of the true mindset of market participants—those who are bearish are making money, while those who are bullish are losing money.

Indicator	Bulls	Bears
Position Size	$3.087 billion	$3.322 billion
Position Share	48.17%	51.83%
Floating Profit/Loss	-$157 million	+$233 million

Risks of High Leverage Operations

The actions of whale address 0xb317…ae are quite representative. This address took a 5x full margin long position on ETH at a price of $3,147.39 and is now floating at a loss of $10.8773 million.

This reflects two issues: first, ETH has been under significant pressure recently. Data shows that ETH is currently priced at $3,091.25, down 1.50% over the past 7 days and down 4.96% over the past 30 days. Second, even whale-level participants cannot fully avoid risks under high leverage. A 5x leverage means a 20% price drop would result in a full liquidation, and this whale is already in a floating loss state.

Why are bulls so fragile?

This is not just a problem for a single whale but a dilemma for the entire bullish camp:

Overall market sentiment is strongly bearish, with insufficient new long entries
ETH price repeatedly faces resistance around $3,000, lacking upward momentum
High leverage amplifies losses and easily triggers stop-loss cascades
Hyperliquid faces competition from Lighter, Aster, and others, with liquidity dispersion potentially increasing volatility

Changes in the Platform Competition Landscape

It is worth noting that Hyperliquid’s market position is undergoing subtle changes. Previously, Hyperliquid almost monopolized the perpetual contract market, but against the backdrop of on-chain perpetual contract trading volume growing more than threefold in 2025, Lighter, Aster, and Hyperliquid’s trading volumes are now close. This means more options for whales, potential dispersion of positions, and a decreasing reference value for data from any single platform.

Summary

The current whale position data on Hyperliquid sends a clear signal: bears hold the initiative, and bulls are under pressure. Among the $6.408 billion in holdings, the $157 million floating loss for longs is not a small figure, indicating that even well-funded whales are paying a real price in the current market environment.

In the short term, the key is whether ETH can hold above the $3,100 support level and whether whale bulls will change their stance. If bulls continue to be suppressed, it could trigger more stop-loss liquidations of high-leverage positions, further intensifying downward pressure. Conversely, signs of accumulation on dips could signal a reversal.

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