What are the Whales saying? The Long money flow is winning big – but the Short side still hasn’t ‘surrendered’

As someone who specializes in observing large positions to search for imbalances in market sentiment, I always prioritize looking at the whale position table – because that is where the money flow speaks the truest. The two tables below provide me with a very clear perspective: the Long side is dominating, but the Short side is still fiercely resisting, especially in highly volatile assets like kPEPE, HYPE, and even BTC.

Perspective from the Long table:

Large wallets are making huge profits in Long positions:

The kPEPE long wallet is up nearly +44% PnL, earning over 21 million USD, despite having to pay nearly 1 million USD in funding fees.

Positions in ETH, HYPE, FARTCOIN all have PnL above +30%, with one wallet even making nearly +60%.

These wallets entered positions from the end of March to early April, showing that they have held their positions for a long time and endured high funding fees.

=> From my perspective, this is the action of professional sharks – willing to incur fees to hold positions, which shows great confidence in the upward trend.

Perspective from the Short table:

Most Short positions are heavily in the red, typically like:

The SUI short wallet is down -42.46%, XRP down -19.47%, kPEPE down -40.18%.

Even the BTC short wallets with entry prices lower than 95,000–90,000 are also down around -8% to -18%.

Despite the losses, these wallets are still holding their positions and receiving high funding fees – for example, the BTC short wallet received +337K USD in funding fees.

=> This is what makes me cautious. The short side is not being liquidated en masse, and they are still being paid, meaning they have not been forced out, and may be waiting for a price dip to reverse or to hold their positions.