According to BlockBeats, citing monitoring data from Hyperinsight on July 27, the top nine whale addresses on Hyperliquid are all carrying unrealized losses.
Each of the nine addresses currently holds positions close to or above $100 million. Individual books range from $97.84 million to $314 million, for a combined notional value of about $1.285 billion.
Based on current net unrealized PnL across the addresses, all nine are in the red, with combined losses totaling about $48.635 million. The two worst-hit whales have each posted paper losses of more than $10 million.
Largest loss sits with the “BTC OG insider whale”
The biggest loser among the group is the address labeled “BTC OG insider whale.” Its current position size is about $99.35 million, and its total unrealized loss stands at $15.538 million.
The bulk of that comes from a 5x leveraged BTC long valued at about $82.906 million. The entry price for that position was $76,117.3, and the single trade is now showing an unrealized loss of $13.636 million. A separate ZEC short is down another $1.901 million.
ETH shorts are the most concentrated source of losses
Among the trades contributing to the group’s drawdown, ETH shorts are the most concentrated. Six of the top addresses are short ETH, with aggregate exposure of about 222,000 ETH and a position value of roughly $456 million. Those ETH shorts are currently showing combined unrealized losses of $36.208 million.
The address “pension-usdt.eth” holds only one position, a 50,000 ETH short. That trade is now down $13.417 million. Its liquidation price is $2,182.1, about 10.9% above the current price.
“BobbyBigSize” is down $6.665 million on a 44,200 ETH short, while the address remains in a net loss of $5.317 million overall.
Meanwhile, the main and sub-accounts tied to “Abraxas Capital” are short about 94,900 ETH in total. Those positions are down $9.893 million, but profitable shorts in HYPE, SOL and FARTCOIN have offset most of the damage, leaving a net unrealized loss of about $3.872 million.
Other large addresses are also under pressure
The losses were not limited to ETH bears. A whale address starting with 0xf822 is under pressure on both ETH and BTC shorts. Another address starting with 0x3200 is taking most of its losses from long positions in U.S. stocks including GOOGL and MRVL. Wintermute’s market-making address is showing a net unrealized loss of $2.463 million.
Long and short strategies both failed
Hyperinsight’s snapshot shows the losses did not come from one shared directional trade. Rising ETH prices squeezed major short sellers, while the BTC OG whale became the biggest loser because of a high-entry BTC long. At the same time, some BTC shorts and U.S. equity longs were also underwater.
With both long and short strategies failing at the same time, none of the nine near-$100 million addresses is currently in profit on paper.