The recent large-scale fund movements on Hyperliquid have been quite interesting.

Let's look at the data: the current whale position size on the platform has reached $4.407 billion, with the long/short ratio dropping to 0.89—showing that the bears are clearly in control. Specifically, long positions are $2.073 billion (47.04%), while short positions are $2.334 billion (52.96%). The P&L figures are even more telling: unrealized losses for longs are $66.212 million, while unrealized profits for shorts have reached as high as $190 million.

The most typical case is the player at address 0x9eec..ab. He went all-in long on ETH with 15x leverage at a price of $3,201.03, and is now facing an unrealized loss of $7.5461 million. This drawdown is truly a textbook example of stepping on a landmine.

Market sentiment is already reflected in these numbers. When even accounts with such massive capital can't withstand the pressure, it's easy to imagine the situation for ordinary participants. In the current long-short tug-of-war, leverage and directional choices are more crucial than ever.