Over 60% of Hyperliquid leaderboard exposure is short, setting the stage for sharp moves if sentiment flips suddenly.
Bitcoin, Ethereum, and Solana dominate short interest, with BTC shorts totaling $844M across high-leverage accounts.
Despite market-wide caution, altcoins like HYPE, PEPE, and DOGE show bullish divergence, hinting at selective optimism.
A sharp tilt toward short positions dominates trader behavior on Hyperliquid, where 60% of leaderboard exposure now favors downside bets. Total open interest among leading accounts stands at $2.46 billion, with $1.478 billion allocated to shorts and only $984 million on the long side.
Bitcoin, Ethereum, and Solana Lead Short-Side Exposure
According to a post by Ardizor, traders are aggressively positioned against major assets. Bitcoin (BTC) holds $844.31 million in notional value, with 67% of exposure on the short side. Despite BTC commanding the highest 24-hour volume at $2.56 billion, market sentiment remains decisively bearish.
https://twitter.com/ardizor/status/1931293938473975829
Ethereum (ETH) reflects similar caution. With $564.7 million in open interest and 46% OI coverage, only 34% of positions are long. Solana (SOL) also faces short dominance, with 41% of total exposure shorted—$159.48 million out of $269.01 million. This points to concentrated downside expectations among top-tier traders. Such one-sided positioning often sets the stage for volatility. When exposure becomes this lopsided, any unexpected bullish catalyst could spark a rapid unwinding of shorts.
Altcoin Long Biases Show Diverging Sentiment
Several smaller tokens buck the bearish trend. HYPE leads with $345.15 million in notional and a 53% long bias, with $183.54 million held long in profitable territory. This bullish stance contrasts sharply with major tokens weighed down by short pressure.
Other altcoins showing upside conviction include $PEPE and $DOGE, each with 59% and 78% long ratios, respectively. However, DOGE’s long-heavy crowd is under pressure, with many positions currently in loss despite the strong directional bias. These long-skewed tokens may act as early indicators of a shifting mood. If short-term pressure eases, these assets could attract renewed capital flow.
Liquidation Risk Escalates as Traders Crowd Shorts
With BTC shorts alone at $569.5 million, any upward breakout could trigger forced liquidations. XRP and SUI are also majority short at 47% and 45%, respectively, both currently in profit. Yet as history shows, profitable shorts can reverse fast in a squeeze scenario.
Participation metrics show balanced trader counts, but uneven capital deployment. The gap between trader headcount and notional allocation suggests high-leverage exposure, making the current setup precarious if sentiment flips sharply. As the market compresses under concentrated short weight, sharp price swings are no longer a question of if, but when.
The post Shorts Dominate Hyperliquid: 60% of Bets Target Downside on BTC, ETH, and SOL appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
