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According to the latest updated data from CoinGlass, whale traders on the Hyperliquid platform with volumes exceeding $50 million — also referred to as leviathan — are currently strongly bullish on Bitcoin.
In particular, the volume of long positions in $BTC among this category of investors stands at $256.92 million, while short positions across these wallets amount to $126.46 million. There are 98 such wallets on Hyperliquid, and their total position size measures $1.63 billion.
"Leviathan" whales accumulate Bitcoin as liquidation risk is low
Interestingly, Bitcoin is not the largest cryptocurrency by exposure among these wallets. That position belongs to Ethereum, with a volume of $643 million compared to $383 million in $BTC, and on Ethereum, they are also more bullish than not. However, here the difference between short and long positions amounts to just over $100 million.
It is important that the liquidation risk for Bitcoin among these wallets is low — only 2.1% — which most likely indicates a low level of leverage across these accounts. In total, the volume of long positions equals $889.97 million, while short positions amount to $744.31 million.
What is interesting, and what represents a significant divergence, is the fact that among those who can be considered money printers on Hyperliquid by PnL metrics — meaning those whose cumulative PnL exceeds $1 million — are bearish on Bitcoin. The volume of short positions among 590 such wallets stands at $416.8 million versus $207.3 million in $BTC longs.
In other words, the divergence between those generating the highest profits and those holding the largest capital in Bitcoin on Hyperliquid is currently substantial.