The big players on Hyperliquid have been playing quite aggressively lately. According to Coinglass tracking, the whale holdings on this platform have surged to $4.865 billion — a number that’s quite substantial, neither too big nor too small.

What's more interesting is the distribution between long and short positions. Shorts clearly hold the advantage, with positions worth $2.523 billion (51.85%), while longs only account for $2.343 billion (48.15%). The profit and loss data makes it even more straightforward: shorts are on the bright side, counting their money on paper with an unrealized profit of $178 million; longs are in a worse position, with an overall unrealized loss of $77.0258 million.

A whale with the address 0xb317…ae is a typical case. This trader opened a 5x full long position on ETH at a price of $3,108.49, betting on ETH. Now, their unrealized loss has reached $16.8533 million. Do you think they’re panicking? The numbers are right there.

From the overall market view, shorts currently hold the rhythm, and longs are passively holding positions. In the short term, this situation is likely to continue. The recent correction in ETH has caught many big players in a tough spot. How the market will move next depends on whether the longs still have the ammunition to continue fighting.