Same Start, Different Destinies
On February 5, on-chain data revealed that the top long and short positions in HYPE were both initiated near the $24 mark, appearing to start from an equal footing. Yet, as market volatility unfolded, their outcomes took sharply opposing paths.
Bull Breaks Out: A $15M Winning Bet
The largest long position belongs to Loracle, an early contributor to Hyperliquid, who entered at an average price of $24.37 with a current holding valued at $50.3 million. With favorable price movement, this address now enjoys approximately $15.3 million in unrealized profit — a 149% return, making it one of the most successful plays in the recent rally.
Bear Under Pressure: Short Squeezed by Market Momentum
In contrast, the largest short position (address 0x40e) opened at $24.86 with a $36 million notional value. Intending to profit from a pullback, it instead faced a sustained upward trend. The position now shows a $10.2 million unrealized loss, down 142%. With a liquidation price at $48.80, further upside could trigger a forced exit.
Key Takeaways: Strategy Over Speculation
- Entry point matters, but directional conviction shapes outcomes
- High leverage magnifies risk in volatile markets
- Long-term positioning outperformed aggressive shorting
This clash between bull and bear underscores the high stakes in crypto trading — where timing is critical, but risk management is decisive.