Bitcoin closes below 50-week MA at $74,968, Glassnode shows surge in whale shorts

Recent on-chain data from Glassnode reveals a notable increase in short positions among large traders, often referred to as “whales,” which has contributed to a more defensive sentiment in the Bitcoin market. According to Glassnode, substantial traders on the decentralized derivatives platform Hyperliquid have shifted their Bitcoin perpetual futures holdings from net long to net short about two weeks ago. This reverses seven months of prevailing bullish positioning among these whale traders. The 24-hour mean net positioning metric, tracking the difference between long and short exposure, shows bearish stances have steadily increased. This short exposure now stands at its highest since October 2025. Historically, comparable levels of short positioning among Hyperliquid whales have aligned with periods of pronounced price declines in Bitcoin.

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