Hyperliquid Whale Aggressively Shorts Bitcoin, Net Short Position Nears $1 Billion, Hitting a New Stage High

According to on-chain data, whale accounts on Hyperliquid are aggressively shorting Bitcoin, with their shorting activity hitting its highest level since October 2025. Currently, the BTC short positions held by these whale accounts range from $892 million to $924 million, while long positions stand at just $454 million to $483 million. The largest single short order is valued at around $178.5 million, with an average entry price of approximately $76,400, while Bitcoin’s current price hovers near $75,800. Data shows these whale accounts have been adding to their short positions continuously since turning net-short on October 27. However, market analysts note that the extremely crowded short positions are a double-edged sword. If prices fail to drop as expected and instead break upward, short sellers will face pressure to buy back and close their positions; this passive covering could very well trigger a sharp short squeeze, driving prices higher rapidly.