bitcoinFeature
Whales Turn Net Short on Hyperliquid, First Since March
Bitcoin whales on Hyperliquid have reversed their prior bullish stance, turning net short for the first time since March, as BTC hovers near $80,000.
Glassnode reported this shift on October 27, noting that the substantial traders they monitor on Hyperliquid had previously held long positions near Bitcoin's low before changing course last week.
This new bearish positioning leaves two possibilities open: the traders might be anticipating another price drop, or they could face losses should Bitcoin rally and squeeze their short positions.
Earlier, in an October 21 report titled “Swept and Refilled,” Glassnode had highlighted significant leveraged liquidation clusters near $85,000 and $87,000, following the clearing of a band around $80,000 on October 15.
Meanwhile, large-wallet activity drew attention; Lookonchain tracked $771.5 million in withdrawals from Wintermute to 40 new wallets since October 1, characterizing these movements as accumulation.
Regarding market mechanics, Hyperliquid funds are payments between traders on opposing sides of a perpetual futures contract, designed to keep prices near the spot asset.
In a separate October 1 assessment, Lacie Zhang, research lead at Bitget Wallet, set $82,000 as a downside threshold and $87,500 as a recovery trigger, suggesting Bitcoin could move between $78,000 and $95,000.
Why it matters
This change in whale sentiment suggests a potential shift in market direction, moving from bullish anticipation to bearish positioning. Readers should watch for confirmation of this shorting trend against upcoming economic data releases.
