Hyperliquid Whale Activity: BTC Bulls Shrink Nearly by Half in Two Months, ETH Bears Have Formed Twice the Suppression

【CryptoWorld】Recently, interesting whale behavior changes have emerged on the Hyperliquid derivatives platform. On-chain data shows that BTC long whales are accelerating their withdrawals, and this trend is quite evident.

Specifically, currently there are about 122 BTC long whales and 116 short whales, with both sides approaching a balance of power. But more noteworthy is the significant change behind this—compared to data from October 14th this year, the number of BTC long whales has plummeted from 234 to now, nearly halving in just two months. Meanwhile, the number of shorts has remained stable around 125, indicating that the large-scale exit of longs is the main variable.

The situation with ETH is even more extreme. Currently, there are only 58 ETH long whales, but the number of shorts has reached 113, more than double the longs. This asymmetric position structure suggests that market participants have significant diverging views on Ethereum’s future.

Looking at specific accounts, the largest BTC short whale (0x50b) has an average position price of approximately $88,200, with a liquidation price set at $94,100, and a total position size of $76.44 million. The largest ETH short account, “20 million wave hunter,” has an average position price of about $3,129, with a liquidation price of $3,796, and a position size of approximately $70.23 million. Both of these big players are betting on a decline, with relatively healthy liquidation distances, indicating this is not purely a reckless gamble.

Overall, whale concentration on Hyperliquid is reshaping, and the consensus among longs is loosening, which could influence the short-term rhythm of the derivatives market.