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According to the latest updated data from CoinGlass, whale traders on the Hyperliquid platform with volumes exceeding $50 million — also referred to as leviathan — are currently strongly bullish on Bitcoin.
In particular, the volume of long positions in BTC among this category of investors stands at $256.92 million, while short positions across these wallets amount to $126.46 million. There are 98 such wallets on Hyperliquid, and their total position size measures $1.63 billion.
"Leviathan" whales accumulate Bitcoin as liquidation risk is low
Interestingly, Bitcoin is not the largest cryptocurrency by exposure among these wallets. That position belongs to Ethereum, with a volume of $643 million compared to $383 million in BTC, and on Ethereum, they are also more bullish than not. However, here the difference between short and long positions amounts to just over $100 million.
It is important that the liquidation risk for Bitcoin among these wallets is low — only 2.1% — which most likely indicates a low level of leverage across these accounts. In total, the volume of long positions equals $889.97 million, while short positions amount to $744.31 million.
What is interesting, and what represents a significant divergence, is the fact that among those who can be considered money printers on Hyperliquid by PnL metrics — meaning those whose cumulative PnL exceeds $1 million — are bearish on Bitcoin. The volume of short positions among 590 such wallets stands at $416.8 million versus $207.3 million in BTC longs.
In other words, the divergence between those generating the highest profits and those holding the largest capital in Bitcoin on Hyperliquid is currently substantial.
Dan Burgin
Vladislav Sopov
