glassnode

Hyperliquid whales are adding to their bitcoin:native shorts.

Their net positioning turned short 2 weeks ago after 7 months of being long. Short exposure is now the largest since October 2025.

The last time they were this short, price moved down considerably.

bitcoin:native has rarely tracked equities this closely.

Over the last 30 US sessions, the correlation with the S&P 500 reached 0.80. Since 2020 it has spent most of its time far below that.

Despite the talk of bitcoin's relative strength, macro sets the direction for now.

Leverage grew through the bitcoin:native selloff.

Open interest climbed by about $1B during the US session drop, and by almost $500M more into today's US session.

Funding cooled slightly but is now ramping up again. Longs look to be stepping back in.

Short-term holders are back underwater.

Yesterday's drop pushed about 60% of the bitcoin:native held by recent buyers below its cost basis. A day earlier, they were back in profit.

For now, that lowers the risk of recent buyers cashing out into strength.

bitcoin:native traders are still here after the retrace.

Before the spike in August, volume had sunk to its lowest since 2023.

Despite BTC pulling back over the last weeks, volume has stayed above this August level.

This indicates sustained interest in crypto after months of apathy.