Whale Wars: Bulls and Bears Battle on Hyperliquid

The cryptocurrency market is witnessing dramatic repositioning among major traders as Bitcoin faces selling pressure below the $115,000 threshold. According to on-chain tracker Lookonchain, a group of well-known investors on Hyperliquid have been actively reshuffling their positions during the recent downturn. The data reveals a clear division in strategy, with some historically successful traders maintaining substantial long positions while others are preparing for further market declines.

One of the most notable moves came from whale address 0xc2a3, known for maintaining a perfect win rate in previous trades. This trader closed 2,186 BTC long positions worth approximately $256 million, yet realized only $1.4 million in profit despite the massive exposure. The same anonymous speculator also reduced positions in Ethereum (ETH) and Solana (SOL) after weeks of aggressive long trading, signaling a potential shift in market sentiment among top performers.

Meanwhile, trader Machi Big Brother, who had accumulated $44.8 million in realized gains, has seen his position reverse dramatically. After doubling down on new ETH and HYPE long positions, he is now facing $12.5 million in losses, highlighting the rapid turnaround in fortune that characterizes current market conditions.

The whale activity reveals sharply contrasting approaches to the current market environment. Whale 0xf625, who profited $8.3 million during the market crash on October 11, has resumed shorting ETH, adding new 10x positions across two wallets within the last 24 hours. This move suggests confidence in further downward movement despite Bitcoin’s recent recovery above $115,000.

Not all positions are proving successful, however. Market participant 0xddc7, who maintains an 80% win rate, is currently facing more than $3.3 million in paper losses on his short position. The most dramatic cautionary tale comes from influencer and public trader James Wynn, whose recent trading history has drawn community skepticism. Lookonchain data indicates that nearly every recent position taken by Wynn has ended in liquidation, including a 40x short on Bitcoin.

The analytics platform went so far as to tease followers on X to ‘always take the opposite side of James’s trades,’ reflecting growing community doubt about his trading strategies amid the current market volatility. This sentiment underscores how quickly market conditions can turn against even prominent traders.

The flurry of whale repositioning follows Bitcoin’s recent surge past $115,000, a move triggered by improved risk sentiment following news of a potential trade breakthrough between the United States and China. This upward movement proved devastating for short positions, wiping out more than $370 million in bearish bets and helping push the total cryptocurrency market capitalization back above the $4 trillion threshold.

Despite the latest market retreat, several analysts maintain optimism about the medium-term outlook. Crypto analyst Michaël van de Poppe has previously noted that the altcoin sector has been in a downtrend for nearly four years, which he describes as its longest-ever difficult period. However, he and other experts suggest that technical indicators show this phase may be concluding, potentially paving the way for significant price recovery.

Lookonchain’s whale data supports this mixed narrative, showing some large holders locking in profits or taking defensive short positions while others, including whale 0xc2a3, are building long orders near key support levels. This activity suggests that despite the current volatility, some major players are banking on the pullback being temporary rather than the start of a prolonged downturn.