The tracked smart-money book on Hyperliquid swung from 50.5% long to 68.3% long on $BTC in 6h. Both longs added (+$98M) and shorts covered (-$138M) drove the shift. Gross notional $667M across 48 wallets. The top 3 long wallets hold 47% of the long side, crowded, but not extreme. The fuel is on the short side: if BTC pushes, covering could accelerate.
Peter -CTShare
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