Big Hyperliquid Accounts Return to Net Long on Bitcoin, Ending Two-Week Short Run

what happened

According to Glassnode data reported by Stocktwits, the largest traders on Hyperliquid have switched back to a net long position on Bitcoin after two weeks of bearish bets. Analysts said the group held short exposure throughout that stretch, its first such stance since early 2026. Glassnode added that the same participants had shorted near the top and stayed long through the August rally.

HYPE slipped about 2% over the past day amid broader market weakness, while retail sentiment on Stocktwits remained bearish. Separately, the Hyperliquid Research Collective reported that average daily traders reached a record 65,161 in the third quarter, a 20% rise from the prior period. Equity perpetual contracts logged roughly $154 billion in volume, an increase of 161%.

Protocol revenue came in near $191 million for the quarter, up 21.7%, with about half of the gain coming from interest on Circle's USDC reserves. The Assistance Fund spent $148.7 million buying HYPE, a 5.7% increase, yet acquired 26.4% fewer tokens as its average purchase price climbed to $72.93.

why it matters

The picture for traders is mixed: large accounts are leaning toward Bitcoin upside, while the platform's token buybacks are retrieving fewer coins per dollar as HYPE trades higher. The data matters for anyone tracking how big Hyperliquid participants position and how the platform's own token is supported.

market impact

Bitcoin and HYPE: large Hyperliquid traders flipped to BTC longs, while buybacks buy fewer HYPE tokens at higher prices.

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