Hyperliquid Whales Turn Net Short on Bitcoin for First Time Since March

Whale accounts on decentralized derivatives exchange Hyperliquid have shifted to a net short position on Bitcoin for the first time since March, as the cryptocurrency trades near $80,000. Large traders hold $1.33 billion in short positions against $952 million in longs, leaving a net short imbalance of roughly $377 million. Several whale addresses hold individual short positions exceeding $200 million, largely opened near $76,000 and currently sitting underwater. Analysts and Glassnode note that the heavy leverage creates upside squeeze risks, with up to $3.3 billion in short liquidations potentially triggered if Bitcoin approaches $85,000 and $87,000.