Four whale wallets have opened Bitcoin short positions worth approximately $340 million on the decentralized perpetual exchange Hyperliquid, with entry levels clustered near $64,000. On-chain data highlighted by analysts at Lookonchain and The Data Nerd shows the addresses collectively control roughly 5,375 BTC in bearish positions, signaling a notable shift in derivatives sentiment.
According to The Data Nerd, the individual positions are about 1,792 BTC ($114 million), 1,576 BTC ($100 million), 1,200 BTC ($76.5 million) and 806 BTC ($51.4 million). Lookonchain also reported liquidation prices at $64,101.12, $64,576.56, $66,006.80 and $66,030.04, meaning a move above those levels could trigger short liquidations and add to upside volatility.
The positions were opened within the past few days as Bitcoin traded in a relatively tight range, with $64,000 acting as a key resistance area. The use of Hyperliquid is significant because the decentralized venue allows large leveraged bets without relying on centralized exchanges, reflecting the growing role of DeFi derivatives infrastructure.
While the coordinated whale activity points to bearish expectations among high-net-worth traders, it does not guarantee a price decline. If Bitcoin rallies above the short entries, the positions could face substantial losses and potentially fuel a short squeeze. Market participants are closely watching whether the $64,000 level holds as support or turns into resistance.
At the time of reporting, Bitcoin’s price action remained uncertain, but the concentration of leveraged shorts adds another layer of complexity to the current market structure and could amplify volatility in either direction.
