In keeping with the newest up to date information from CoinGlass, whale merchants on the Hyperliquid platform with volumes exceeding $50 million — additionally known as leviathan — are at present strongly bullish on Bitcoin.
Specifically, the amount of lengthy positions in BTC amongst this class of traders stands at $256.92 million, whereas quick positions throughout these wallets quantity to $126.46 million. There are 98 such wallets on Hyperliquid, and their whole place measurement measures $1.63 billion.
“Leviathan” whales accumulate Bitcoin as liquidation danger is low
Curiously, Bitcoin just isn’t the biggest cryptocurrency by publicity amongst these wallets. That place belongs to Ethereum, with a quantity of $643 million in comparison with $383 million in BTC, and on Ethereum, they’re additionally extra bullish than not. Nevertheless, right here the distinction between quick and lengthy positions quantities to simply over $100 million.
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It will be important that the liquidation danger for Bitcoin amongst these wallets is low — solely 2.1% — which most definitely signifies a low degree of leverage throughout these accounts. In whole, the amount of lengthy positions equals $889.97 million, whereas quick positions quantity to $744.31 million.
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What’s attention-grabbing, and what represents a big divergence, is the truth that amongst those that may be thought of cash printers on Hyperliquid by PnL metrics — that means these whose cumulative PnL exceeds $1 million — are bearish on Bitcoin. The amount of quick positions amongst 590 such wallets stands at $416.8 million versus $207.3 million in BTC longs.
In different phrases, the divergence between these producing the very best earnings and people holding the biggest capital in Bitcoin on Hyperliquid is at present substantial.