The Whale Was Also a Victim of a Market "Double-Spend": Hyperliquid's Top Nine Addresses Suffered a Combined Loss of $48.6 Million

July 27th, according to Hyperinsight monitoring, the top 9 whale addresses on Hyperliquid currently hold positions close to or exceeding $100 million each, with individual address holdings ranging from $97.84 million to $314 million, totaling a nominal value of approximately $1.285 billion.

Based on the unrealized net loss of each address, all 9 addresses are currently at a loss, with a total loss of approximately $48.635 million. The two whales with the largest losses have both suffered losses exceeding tens of millions of dollars.

The top 1 loser is the "BTC OG Insider Whale." It currently holds about $99.35 million, with an overall loss of $15.538 million. Its long position on BTC, valued at about $82.906 million, with an entry price of $76,117.3, is at an unrealized loss of $13.636 million. Additionally, its ZEC short position has incurred a separate loss of about $1.901 million.

In the shared loss pool, ETH shorts are the most concentrated. Among the top addresses, a total of 6 are short on ETH, with a combined quantity of about 222,000 ETH, a position value of approximately $456 million, and a current total unrealized loss of $36.208 million.

Among them, "pension-usdt.eth" holds only one short position of 50,000 ETH, currently at a loss of $13.417 million, with a liquidation price of $2,182.1, approximately 10.9% higher than the current price. "BobbyBigSize" has a short position of 44,200 ETH with a loss of $6.665 million, while the overall address is still at a net loss of $5.317 million.

"Abraxas Capital" main and sub-addresses are collectively short about 94,900 ETH, with the related positions incurring a loss of $9.893 million. However, profits from HYPE, SOL, and FARTCOIN short positions have offset most of the losses, resulting in a net unrealized loss of approximately $3.872 million.

The other top addresses have also faced challenges: the whale address starting with 0xf822 is under pressure from ETH and BTC short positions; the whale address starting with 0x3200 is mainly losing on long positions in GOOGL, MRVL, and other U.S. stocks; and Wintermute's liquidity providing address has a net unrealized loss of $2.463 million.

This round of collective whale losses did not stem from a single directional bet. The surge in ETH price has squeezed the top short positions, the BTC OG has become the biggest loser due to long positions at high BTC prices, and some BTC shorts and U.S. stock longs are also in a losing position. With both long and short strategies failing simultaneously, none of the 9 nearly hundred million dollar addresses have realized any paper gains.