Whale accounts on Hyperliquid now hold more Bitcoin short exposure than long exposure for the first time since March. The net short stands at roughly $377 million, while an estimated $3.3 billion in shorts sits exposed if Bitcoin rises toward $85,000.
Large traders on Hyperliquid have switched sides on Bitcoin. For the first time since March, whale accounts on the decentralized derivatives exchange hold more short exposure than long exposure.
Bitcoin is hovering around $80,000, with a pile of short positions sitting close to the current price.
Whales hold $1.33 billion in shorts
As of October 27, whale-tracking data showed large accounts holding approximately $1.33 billion in Bitcoin shorts, against longs of around $952 million. That leaves a net short position of roughly $377 million.
A handful of wallets drive much of this. Several individual addresses hold short positions exceeding $200 million each, with entries clustered around $76,000. One address carries a $210 million short opened at roughly $76,000, which would sit below water on paper with Bitcoin near $80,000.
The research data cited by Crypto Briefing also indicates that current funding rate conditions are favorable for shorts, which lowers the cost of maintaining a bearish bet.
The $85,000 level in focus
However, the short side carries risk. Estimates suggest around $3.3 billion in short positions could face liquidation if Bitcoin climbs toward the $85,000 level, roughly $5,000 above the current price.
When a large cluster of shorts is liquidated at once, the forced buybacks can push price higher and trigger the next batch of liquidations, a chain reaction traders call a short squeeze.
Earlier long bias and mixed ETF flows
The reversal looks sharper against earlier this year. Hyperliquid whales had moved into a net long stance by late April 2026, and that long bias peaked around April.
The wider market gives few clean signals. Bitcoin ETFs have been posting mixed flows, so the whales' bearish tilt is not yet confirmed by spot market flows.
Source: Crypto Briefing
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