Whale Flow today – The Long side is winning but still has to pay the price
As someone who always observes large money flows to determine market motives rather than just relying on technical indicators, I always monitor data from Hyperliquid Whale Tracker to read the true sentiment of the sharks. And today, the data paints quite an interesting picture: the long side is making significant profits but still does not hold absolute advantage.
1. Position balance slightly tilted towards Short:
Total position: 4.11 billion USD
Short slightly dominant: 2.12B (51.64%) compared to Long 1.99B (48.36%)
=> The market is still in a relatively balanced state, but the money flow still prioritizes defense or expects corrections, as shown by the higher short margin.
2. Margin usage:
Total margin: 462.6 million USD
Short margin accounts for 53.89%, higher than long margin 46.11%
=> The sharks short are using more margin to maintain their positions, meaning they are still willing to hold their positions or believe in a correction trend. This is a warning sign that the market may be pushed down to force longs to exit early.
3. PnL: Long is winning big
Long PnL: +178.23 million USD
Short PnL: -119.90 million USD
Total positive PnL: 58.33 million USD
=> This is the point I pay the most attention to. The long side is doing very well, while the short side is clearly losing. This makes me suspect that: if the price starts to go sideways or has a slight dip, it is very easy for the long side to take profits en masse, pulling the price down in the short term.
4. Funding fee: the long side has to pay to maintain their position
Long funding fee: -11.28 million USD
Short funding fee: +31.64 million USD
