Large accounts on the decentralized perpetual futures platform Hyperliquid hold between $892 million and $924 million in Bitcoin shorts, compared with $454 million and $483 million in longs. Their resulting net short bias is estimated at between $345 million and $470 million, with the largest short position worth approximately $178.5 million at an entry price near $76,390. Hyperliquid whales turned net short on October 27, 2026, as Bitcoin was trading around $75,800 to $76,000. This concentration of short positions increases the risk of a short squeeze if Bitcoin rises sustainably above the main entry levels. Some of the same accounts are also short HYPE, Hyperliquid’s native token.
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