Hyperliquid Top 9 Whale Addresses Suffer $48.6M in Floating Losses

According to Huoxing Finance, on July 27, data from Hyperinsight showed that the top nine whale addresses on Hyperliquid each hold positions nearing or exceeding $100 million, with individual holdings ranging from $97.84 million to $314 million, totaling a notional value of approximately $1.285 billion. Based on their current unrealized P&L, all nine addresses are in net unrealized losses, collectively losing around $48.635 million. The two largest losers each have unrealized losses exceeding $10 million. The top loser is the "BTC OG Insider Whale," currently holding approximately $99.35 million in positions with an overall unrealized loss of $15.538 million. Of this, a 5x long BTC position is valued at about $82.906 million, entered at an average price of $76,117.3, resulting in a single-position unrealized loss of $13.636 million; additionally, its ZEC short position incurs an unrealized loss of approximately $1.901 million. The most concentrated source of shared losses is ETH shorts. Among the top addresses, six are shorting ETH, totaling approximately 222,000 ETH with a position value of about $456 million, collectively suffering unrealized losses of $36.208 million. Among them, "pension-usdt.eth" holds a single short position of 50,000 ETH, currently with an unrealized loss of $13.417 million and a liquidation price of $2,182.1—approximately 10.9% above the current price. "BobbyBigSize" holds a 44,200 ETH short position with an unrealized loss of $6.665 million; despite this, the address remains in net loss of $5.317 million. The main and sub-addresses of "Abraxas Capital" collectively hold approximately 94,900 ETH shorts, with related positions suffering an unrealized loss of $9.893 million. However, profits from HYPE, SOL, and FARTCOIN shorts have offset most of these losses, leaving a net unrealized loss of approximately $3.872 million. Other top addresses have also not escaped losses: the whale address starting with 0xf822 faces pressure on both ETH and BTC shorts; the address starting with 0x3200 primarily incurs losses from long positions in U.S. stocks such as GOOGL and MRVL; and the Wintermute market-making address has a net unrealized loss of $2.463 million. This wave of collective whale losses does not stem from a single directional bet. Rising ETH prices have sharply pressured top short positions; the BTC OG Whale became the biggest loser due to its high-priced BTC longs, while some BTC shorts and U.S. stock longs are also in the red. With both long and short strategies failing simultaneously, none of the nine addresses—each holding nearly $100 million—currently holds a paper profit.