In a Nov. 7 update, Glassnode said large Hyperliquid accounts were net short Bitcoin (BTC), with short exposure at its highest level since October 2025.
A separate Nov. 7 CoinGlass tally put short positions held by large Hyperliquid accounts across assets at about $4.126 billion. The figure covers positions across all assets, so it is broader than the Bitcoin reading.
A Nov. 6 EconoTimes snapshot of large Hyperliquid positions showed $3.97 billion in shorts and $3.37 billion in longs, a gap of about $600 million.
A short position generally gains value when its underlying asset falls and loses value when it rises. A trader can close a short perpetual futures position by buying an offsetting contract.
