Hyperliquid whales have built their largest net short position on Bitcoin since October 2025, according to on-chain analytics firm Glassnode, while four large HYPE holders booked approximately $5 million in profits during the token's rally to $97, per Santiment Intelligence. The dual wave of short positioning and profit-taking is adding selling pressure to the platform's native token, which last traded at $77.28. Hyperliquid, a decentralized exchange specializing in perpetual futures, settles trader positions on-chain, a transparency that underpins the whale tracking cited in this report.

Hyperliquid Whales Flip to Net Bitcoin Shorts

Glassnode data indicates that Hyperliquid whales moved their Bitcoin positioning from long to short two weeks ago, bringing a seven-month streak of net long exposure to an end. Their current short exposure now sits at its highest level since October 2025. Glassnode also noted that Bitcoin declined considerably the last time whales held comparable short positions. Shifts of this kind draw attention because whale positioning on decentralized venues is visible in real time, though the figures describe how large traders are positioned rather than dictating where prices go.

Four HYPE Whales Realize $5 Million During Rally to $97

Meanwhile, Santiment Intelligence documented heavy profit-taking after veteran macro investor Stan Druckenmiller tweeted about Hyperliquid. HYPE surged to $97 in the aftermath, and four whale wallets responded by closing their long positions entirely, together realizing approximately $5 million in profits. Realized gains are locked in when positions are closed, unlike unrealized paper profits, which remain exposed to subsequent price moves.

The largest of the wallets had been accumulating HYPE since late May. As it exited, the wallet sold roughly $225,000 worth of tokens every five minutes at prices between $94 and $95, ultimately recording $2.4 million in realized profits.

Santiment's Score platform added that four of five tracked traders rejected the bullish interpretation of Druckenmiller's tweet. All four of those traders are currently holding gains, while the lone bullish trader remains down 11%.

HYPE Tests $77 Support as Bearish Momentum Persists

HYPE has slid from around $94 in early October to $77.28 as of November 8. The token staged a brief recovery toward $96 around October 29 before reversing lower. The most recent candle registered a 0.32% decline, closing at $77.284, with trading volume standing at 348 HYPE (chart: TradingView).

Momentum readings remain soft. The relative strength index (RSI) prints 35.53, below its moving average of 36.66, while the MACD histogram sits at 0.090, with the MACD line at -1.616 holding above the signal line at -1.706. For reference, an RSI below 30 is conventionally described as oversold, so the current print signals weakening momentum without yet reaching that threshold.

The $77 level marks immediate support, followed by $75 and $72. On the upside, resistance is positioned at $80, $84, and $88. With Hyperliquid whales holding their largest net Bitcoin short position since October 2025 and several large HYPE holders having fully exited their longs, the on-chain positioning data and price behavior around these levels offer trackable reference points as the setup develops.