Quick answer: The largest accounts on Hyperliquid are now net long Bitcoin (+$38.7M) and Ethereum (+$34.3M) — a sharp reversal from earlier this week, when the same cohort sat hundreds of millions net short across the majors. The broader field of traders leans the other way on both coins. The clearest crowd-vs-big-money split on the board today is exactly there: retail slightly short BTC and ETH, the biggest wallets aggressively long. HYPE is the exception — everyone is short, and its funding has gone negative.
The story: big money switched sides
Earlier this week we documented the largest Hyperliquid accounts selling into a green market. That bet is gone. Today's snapshot shows the same tier of wallets positioned net long BTC (+$38.7M) and ETH (+$34.3M), with fresh conviction behind it: one wallet added a ~$20.25M ETH long, another opened a ~$6.4M BTC long, and a third covered a ~$14.6M HYPE short.
Not everyone is pressing: the day's largest single move was a wallet closing out a ~$30.4M BTC long — taking profit into strength rather than riding it. Big money flipping direction within a week isn't indecision; it's the discipline we keep documenting: positioning follows conditions, not opinions.
When the biggest wallets and the crowd point in opposite directions, one side is funding the other's exit.
Market snapshot
- BTC +0.6% (24h) · open interest +3.4% · funding 0.0013%
- ETH +1.9% (24h) · open interest +3.5% · funding 0.0013%
- HYPE −0.8% (24h) · open interest −1.3% · funding −0.0032%
- SOL +0.4% (24h) · open interest +0.7% · funding 0.0013% Rising open interest alongside rising price on BTC and ETH means new money entering, not shorts covering. HYPE's negative funding is the outlier — shorts are now paying to stay short.
How the biggest accounts are positioned
- BTC: the largest accounts are net long +$38.7M — while the broader field sits roughly balanced, tilted slightly short. The widest big-money-vs-crowd gap of the day.
- ETH: same picture — +$34.3M net long at the top against a mildly short field.
- ZEC: the one coin where everyone agrees: largest accounts +$32.2M net long, and the field is long too, just far less aggressively.
- HYPE: the top wallets are net short −$20.2M, the field is short as well — a crowded short, consistent with the negative funding.
The day's biggest realized wins
- 0xadd1…5e0d closed out +$176k on LIT across 295 fills.
- 0xa4de…b3c4 closed out +$136k on BTC across 271 fills.
- 0x1ee7…edf5 closed out +$101k on ZEC across 125 fills.
Other large position changes ($1M+)
- 0x4e23…20c3 reduced a long in HYPE (~$5.06M notional).
- 0xca49…53c8 reduced a long in BTC (~$4.97M notional).
- 0x0871…e927 opened a long in ZEC (~$3.80M notional).
- 0x77d0…f1ab added a short in HYPE (~$2.68M notional).
Big money moving in and out
- 0x023a…2355 withdrew $394k. A quiet day on the transfer front.
Frequently Asked Questions
The combined direction of a group's positions on a coin. "+$38.7M net long BTC" means the largest accounts' longs exceed their shorts by $38.7M in notional value.
Partially, and they paid a small price to fix it fast. That's the recurring pattern in this data: large accounts reverse quickly instead of defending a losing view. Position management, not prediction, is the edge.
Funding turned negative (−0.0032%), meaning short positions are paying longs to keep the trade on — a sign the short side is crowded.
Yes. Every wallet above links to the Hyperliquid explorer — positions, fills, and balances are public on-chain data anyone can check. We publish what the chain shows, nothing more.