On-chain data has put Hyperliquid’s native token HYPE under the spotlight, as two major trading developments highlight divergent positioning among influential market participants.
Wintermute-linked wallet cuts overall short. A wallet believed to belong to algorithmic market maker Wintermute reduced its total short exposure on Hyperliquid from $211.53 million to $80.48 million, according to Onchain Lens. The same address, beginning with 0xecb6, holds a separate long position worth $5.51 million, indicating a broader shift in trading strategy. Notably, the wallet’s short position specifically in HYPE increased from $5.6 million to $10.2 million, even as the overall short was reduced. This suggests a more targeted bearish stance on HYPE itself while reducing exposure to other assets.
Whale holds $111M HYPE long. On-chain analytics firm Arkham said a pseudonymous trader known as watershedpath is sitting on roughly $58 million in paper profit from the largest on-chain long position in HYPE, valued at about $111 million. The trader has held the position for almost a full year, an unusually long period for perpetual futures. Instead of closing the trade, the whale withdrew $18.5 million of margin, effectively realizing some value while keeping the long exposure intact. This lowers the liquidation threshold, making the position more sensitive to a sharp HYPE decline.
The whale activity arrives after strong HYPE momentum. Hyperliquid’s token has gained more than 46% over the past month and an additional 16% over the past seven days, trading around $82.06 with 24-hour volume near $1.16 billion. Hyperliquid has become a prominent decentralized derivatives venue offering perpetual futures with high leverage, and large trader positioning can affect liquidity, market depth, and short-term volatility.
