Whale activity across crypto derivatives platforms pointed toward bearish positioning over the weekend, with two notable developments drawing attention. On Hyperliquid, four major wallets identified as 0x84ab, 0x269e, 0x2f9b, and 0x4c78 shifted from a net long position of $1.04 million into a combined short worth $14.77 million on SK Hynix (SKHX). The reversal represents a swing of approximately $15.83 million.
According to on-chain data, the SKHX shorts were built while the stock rose 1.1% over the weekend, moving from $1,200.9 to $1,214.6. The average entry price for the short positions was around $1,174.5, leaving the addresses with roughly $487,000 in unrealized losses. Among SKHX positions above $1 million, the long-to-short ratio by value was 0.71, pointing to a net short of about $36.75 million. The four addresses alone accounted for 11.7% of all large short positions on Hyperliquid.
In a separate on-chain move tracked by Lookonchain, a prominent cryptocurrency whale with a 23-trade winning streak and cumulative profits of $8.25 million closed a profitable Solana (SOL) short and opened a $28 million Bitcoin (BTC) short. The rotation suggests the trader expects near-term downside in Bitcoin, even as the broader market continues to show mixed signals.
Bitcoin has recently traded in a range with resistance around $70,000 and support near $60,000. While a $28 million short is notable, it remains a small fraction of Bitcoin’s daily trading volume, which often exceeds $20 billion. Analysts caution that whale positioning can influence short-term market psychology, but it is not a reliable long-term indicator on its own. The Hyperliquid SK Hynix shorts also highlight how on-chain whale activity is extending into traditional equity derivatives.
