Hyperliquid whale goes on a wild Bitcoin short: net short position nears $1 billion, hitting a new stage high

November 8th - According to on-chain data, the whale community on Hyperliquid is aggressively shorting Bitcoin, with the shorting intensity reaching its highest level since October 2025. Currently, whale accounts hold BTC short positions ranging from $892 million to $924 million, while long positions are only between $454 million and $483 million. The largest single short position is valued at approximately $178.5 million, with an average entry price of around $76,400, while the current Bitcoin price is hovering near $75,800.

Data shows that these whale accounts have been continuously increasing their positions since turning net short on October 27th. However, market analysis points out that extremely crowded short positions are a "double-edged sword." If the price fails to decline as expected and instead breaks upward, shorts will face pressure to buy back and close their positions. This passive covering could very likely trigger a violent short squeeze, thereby accelerating the price increase.