Hyperliquid Whales Turn Net Short on Bitcoin for First Time Since March

Hyperliquid’s large Bitcoin traders have shifted to net short positioning for the first time since March, according to a chart shared by Glassnode. The change reverses a period in which these traders maintained net long exposure and successfully positioned for Bitcoin’s recovery. With BTC trading near $79,918 in the supplied market snapshot, the shift raises questions about whether leveraged traders expect another decline or risk being caught in a short squeeze. Glassnode’s Hyperliquid long-short positioning chart tracks the aggregate net BTC exposure of large traders on the derivatives platform. Its latest reading shows net short positioning replacing the net long bias that developed during Bitcoin’s recovery earlier this year. The change indicates that this group is now positioned to benefit from falling prices rather than rising ones.

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