Everyone is bullish on crypto at this point, but the top 100 whales on Hyperliquid have other expectations.
Whales have always been impactful on the volatile cryptocurrency market, but this time, they’re going against most of the traders. The majority of addresses that are worth over $50 million on the decentralized exchange Hyperliquid are betting on shorts, according to data from CoinGlass. Their short positions are currently worth $3.3 billion while the longs stand at $1.34 billion.
Called “Leviathans” on CoinGlass, they are betting against the majority of the crypto market despite the slight bullish momentum today. The global crypto market cap rose by 1.4% in the past 24 hours and is currently sitting at $3.72 trillion, according to CoinMarketCap data.
Bitcoin BTC $114 818 24h volatility: 1.0% Market cap: $2.29 T Vol. 24h: $28.27 B is trading at $114,700. Ethereum ETH $3 636 24h volatility: 4.7% Market cap: $439.03 B Vol. 24h: $23.33 B gained 2.7% and rose to $3,550.
Who’s Printing Money on Hyperliquid?
Out of the over 120,000 active addresses on Hyperliquid, tracked by CoinGlass, only 165 have been making profits of over $1 million. The total position value of these addresses reaches $3.47 billion with a “slightly bearish” take.
On the other hand, 81 wallets that have been “very bearish” are taking huge losses due to the market-wide rise.
The crypto market sentiment remains neutral. According to CoinMarketCap data, the fear and greed index is currently at 52, down by 10 points from July 31’s 62.
The start of the outflows from spot BTC and ETH exchange-traded funds brought bearish momentum to the market. The negative sentiment from the Hyperliquid “Leviathans” might add to the market’s correction.
However, bull market indicators on CoinGlass remain stable. The Bitcoin whale accumulation is still a notable positive driver for the broader market as well.
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