Hyperliquid Top Traders Turn Bearish as Smaller Wallets Stay Bullish

Hyperliquid’s most profitable traders are showing a more cautious stance on the crypto market, creating a sharp divergence between top-performing wallets and smaller traders who remain heavily bullish.

According to the latest PnL positioning data from CoinGlass, Hyperliquid’s so-called “Money Printer” group, consisting of wallets with more than $1 million in profits, holds approximately $2.82 billion in long positions and $2.88 billion in shorts. That puts the group roughly $60 million net short, signaling a modest bearish bias among the platform’s biggest winners.

The contrast becomes clearer across lower-profit categories. Traders with profits between $100,000 and $1 million hold $879.11 million in longs compared with $419.12 million in shorts. Those earning between $10,000 and $100,000 are even more bullish, carrying $526.93 million in long exposure against $188.74 million in shorts.

Smaller traders are following the same pattern. Wallets with profits between $0 and $10,000 have $240.83 million positioned long versus just $82.70 million short. Even wallets sitting at minor overall losses remain strongly bullish.

However, the bearish positioning among Hyperliquid’s top traders does not necessarily mean they expect an immediate crypto market crash. The Money Printer cohort controls about $5.70 billion in total positions, making its $60 million net-short exposure relatively small compared with its overall holdings.

The data may instead indicate that highly profitable traders are hedging existing positions or preparing for increased downside volatility after the market’s recent gains. The cohort also maintains more winning than losing positions, with 216 winners compared with 160 losers.

Still, the divergence could become an important crypto market signal. While retail-sized and moderately profitable traders remain heavily positioned for further upside, Hyperliquid’s highest-PnL wallets have moved slightly bearish.

If top traders continue increasing their short exposure while smaller investors remain aggressively long, the widening gap could signal that experienced market participants expect bullish momentum to weaken and the risk of a broader crypto market reversal to increase.