Whale accounts on Hyperliquid have pushed their Bitcoin short positions to the highest level since October 2025. Their shorts now run at nearly double their longs, and the largest short sits just above the current Bitcoin price.
Whale accounts on the decentralized perpetual futures exchange Hyperliquid have pushed their Bitcoin shorts to the highest level since October 2025. The source describes them as some of the largest leveraged accounts in on-chain trading.
Whale shorts run at nearly double longs
As of November 7, 2026, Hyperliquid whales hold between $892 million and $924 million in Bitcoin shorts. Their longs total between $454 million and $483 million. The net short bias is estimated at between $345 million and $470 million, depending on the snapshot used.
The largest single whale short is approximately $178.5 million, opened at an entry price around $76,390. Other notable shorts include positions of $155 million and $101.8 million, plus several more exceeding $60 million each.
Bitcoin was trading around $75,800 to $76,000 at the time of the data.
Whales flipped net short on October 27
Hyperliquid whales flipped to a net short position on October 27, 2026, and have been adding to that stance since. Total Bitcoin perpetual open interest on Hyperliquid sits at roughly $3.13 billion.
The bearish lean is not limited to Bitcoin. Some of the same whale accounts are also shorting HYPE, Hyperliquid's native token.
Shorts near the price raise squeeze risk
According to the source, the straightforward read is that the platform's largest players expect Bitcoin to fall in the near term. However, heavy short interest concentrated around current price levels creates the conditions for a short squeeze. If Bitcoin climbs, short sellers face mounting losses, and some may be forced to buy the asset back to close their positions.
The entry prices matter because the largest whale opened its short around $76,390, just above where Bitcoin has been trading. The source points to a few markers to watch: whether the net short bias keeps growing or starts to unwind, Bitcoin's behavior around the $76,000 area, where the largest short entries cluster, and whether HYPE shorts keep building.
Source: Crypto Briefing
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