Large accounts on the decentralized derivatives platform Hyperliquid hold about $377 million more in Bitcoin short positions than long positions for the first time since March. As of October 27, their short exposure totaled approximately $1.33 billion, compared with $952 million in long positions, while Bitcoin traded around $80,000. Several addresses each hold more than $200 million in short positions, including a $210 million position opened near $76,000, while funding rates favorable to sellers reduce the cost of maintaining these trades. Approximately $3.3 billion in short positions could face liquidation if Bitcoin reaches $85,000, potentially triggering forced buying and a price surge. Bitcoin ETF flows remain mixed, however, providing no clear confirmation of the large accounts’ bearish shift in the spot market.
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