In the past 24 hours, the market has experienced typical long and short liquidations. On April 24, CoinGlass data showed that the total amount of liquidations across the network was approximately $171 million, including about $101 million in long liquidations and approximately $70.43 million in short liquidations, with around 82,120 traders being liquidated in this round of volatility. By asset type, the liquidation amount related to BTC was about $2.07 million, while the liquidation related to ETH was about $1.71 million, highlighting that the leverage risk is being synchronously released between mainstream assets and long-tail assets.

In this round of concentrated liquidations, the most notable single-point risk exposure appeared on Hyperliquid. Statistics showed that the largest single liquidation in the past 24 hours occurred on the BTC-USD contract on Hyperliquid, with an amount of approximately $3.58 million, making it the most noticeable individual loss event in this wave of network fluctuations. On one side, there was a massive liquidation of both long and short positions across the network, while on the other side, a single large liquidation occurred on Hyperliquid, pushing the leading players in the derivatives space on this chain directly into the spotlight.

Simultaneously, on April 24, Glassnode noted that whales on Hyperliquid had been increasing long positions over the past two months, with these funds leaning more towards betting on a breakout of price ranges, and the position structure reflecting a strong bullish tendency. In the current environment of double explosions of long and short positions, this combination of extreme bullishness on one side and large liquidations on the other essentially exposes the divergence of directions and high leverage exposure among whales on-chain, thus leading the long-short showdown on Hyperliquid into a tighter phase.

$171 million liquidation's largest wound on HL

Looking back at the 24 hours before and after April 24, the approximately $171 million in liquidations across the network did not represent a unidirectional stampede of "longs killing longs" or "shorts killing shorts". According to CoinGlass statistics, long liquidations accounted for approximately $101 million and short liquidations for about $70.43 million, roughly in a 6:4 ratio, indicating that prices were sweeping back and forth within a range, leading both the chasing bulls and the shorts that had positioned themselves for a pullback to be liquidated, showing a typical long-short two-way reshuffling pattern. The fact that about 82,120 traders were liquidated also implies that this round of volatility resembled a broad-net cleanup of high leverage positions, rather than concentrating on a particular direction or a few accounts.

From the perspective of asset structures, the liquidation amount related to BTC was about $2.07 million, and that related to ETH was around $1.71 million, which is not extremely concentrated relative to the total of $171 million. In other words, while this round of volatility was enough to wipe out a considerable amount of margin, the superficial data did not present a "gap" type liquidation where a single mainstream asset was collectively forcibly liquidated. It appeared more like the entire market was repeatedly squeezing high-leverage positions within a relatively narrow range; the volatility still exists but has not evolved into a systemic stampede of a certain asset across the network.

In this context, the single liquidation of approximately $3.58 million that appeared on Hyperliquid’s BTC-USD contract stands out remarkably. It was recorded as the largest single liquidation event in this round of volatility, far exceeding the liquidation scales from typical accounts of tens of thousands to hundreds of thousands of dollars, and can almost be regarded as the deepest "wound" on the Hyperliquid side within this $171 million liquidation tide. In terms of nominal amount, such positions are either themselves considerably large or have accumulated higher leverage under relatively thin margin conditions; once prices break through customary volatility ranges in a short time, it becomes easy to be directly swept out before the system triggers strong liquidation logic.

It is important to emphasize that this $3.58 million liquidation is more of an individual risk event; it indeed reveals the existence of high leverage positions on Hyperliquid that are considerably sized and highly sensitive to short-term volatility, and it also indicates that in the dual explosion of longs and shorts, if single account risk control lags, considerable costs may be incurred. However, from the platform's perspective, under the same statistical scope, Hyperliquid's fee income in the past 24 hours was around $1.7 million, while Ethereum's network was about $2.7 million. It is difficult to conclude that this one large liquidation elevates it to a systemic risk judgment at the platform level. Current publicly available data has not provided accurate levels of Hyperliquid’s total open contracts or funding rates, and any further inferences regarding overall leverage levels should still be viewed with a "to be confirmed" attitude.

Whales' long positions continuously increase, two months betting on breakout

In the absence of precise overall open contract and funding rate data, one of the clearest leverage signals currently visible comes from the behavior of the whales themselves. On April 24, from 16:45 to 17:00, Glassnode continuously posted on social media, specifically mentioning large perpetual contract traders on Hyperliquid, pointing out that over the past two months, the long positions of this group of accounts have been steadily and continuously increasing, which it summarized as "confidence continuing to strengthen".

In Glassnode's description, these positions are primarily concentrated on Hyperliquid's perpetual contract products, which themselves are located in high leverage trading scenarios; simultaneously, this group of whales is not simply betting on short-term volatility but has been "expecting prices to break through this range," namely clearly betting on breakout patterns. In other words, the long accumulations over the past two months were directly interpreted by Glassnode as exhibiting "strong bullish sentiment" among large perpetual contract traders.

Considering the current market environment, this strategy of betting on breakout ranges is elevating risk exposure in the context of significant two-way liquidations. CoinGlass statistics show that the total amount of liquidations across the network in the past 24 hours was approximately $171 million, with about $101 million in long liquidations and approximately $70.43 million in shorts, with around 82,120 traders being swept out. In such intense volatility, continuing to increase long positions on high leverage perpetual contracts essentially uses larger margin exposure to exchange for upside returns post-breakout, and once the breakout direction does not match expectations or features a false breakout, the margin and liquidation pressure facing the whale longs will correspondingly intensify.

Short whale with $30 million profit still has open positions

In contrast to the group of whales that have continuously increased their long positions on Hyperliquid over the past two months, the actions of a single whale with the address 0x58bro clearly stand on the other side. On April 23, according to Onchainlens monitoring, this address had cumulatively deposited approximately 3,811 ETH into Binance, calculated at that time to have a nominal value of about $9.03 million; its on-chain wallet currently holds only about 0.5 ETH, as most of its spot chips have been concentrated and transferred to exchanges, whether for cashing out or serving as margin, current public information does not provide a clear conclusion, but at least it can be confirmed that it is actively shrinking its on-chain spot positions.

It is noteworthy that moving out spot chips does not necessarily mean a reduction in the whale's overall risk exposure. Reports indicate that 0x58bro still holds a 25x leverage short position on ETH and a 40x leverage short position on BTC on Hyperliquid, with a current total unrealized profit of about $33 million, indicating that its previous bets on the downside scenario have yielded considerable paper profits, but it has not chosen to cash out completely or liquidate its positions, instead allowing high leverage shorts to continue being exposed in a highly volatile market.

This choice contrasts sharply with another type of whale behavior on Hyperliquid disclosed by Glassnode on April 24: the latter has continuously increased long positions over the past two months, betting on price ranges breaking upwards, with the position structure reflecting strong bullish expectations; while 0x58bro, after transferring several tens of millions of dollars worth of ETH to centralized exchanges, still maintains high multiples of BTC and ETH shorts, which amounts to a clear bet on downside within the same platform. The two types of capital are almost oppositional in direction, and in the context where overall open contracts and funding rates remain to be confirmed, Hyperliquid has already exhibited a very typical "whale vs. whale" divergence of views: one side uses high leverage longs to target upward breakouts, while the other side, with paper profits of tens of millions, insists on keeping high leverage shorts exposed to risks. Whether to increase or decrease positions later remains to be verified further with on-chain and market data.

New wallet goes all-in on APE, leverage increased to 5x

Unlike the veteran whales which continue to increase their shorts, a high-leverage long position from a newly created address is rapidly taking shape on Hyperliquid. Lookonchain monitoring reveals that the new address 0x0b8a became active around April 24, and its funding path is clearly visible: first disposing of mainstream asset spots, then leveraging to amplify exposure to long-tail assets.

On-chain records show that 0x0b8a first sold 75 ETH on Hyperliquid, cashing out about $174,000. This step is equivalent to fully monetizing its previously held mainstream asset spots, freeing up liquidity for subsequent margin operations.

After completing the ETH cash-out, the address immediately opened a 5x leverage long contract on Hyperliquid, going long on approximately 9.19 million APE, with a corresponding nominal value of approximately $1.03 million. This nominal position is significantly higher than the cash obtained from selling ETH, indicating that 0x0b8a chose to amplify its exposure to a single asset via leverage rather than simply swapping assets at the spot level.

From an individual behavioral standpoint, the path taken by 0x0b8a is a typical combination switch of "exiting mainstream asset spots—transitioning to high leverage long-tail assets": reducing ETH spots on one hand while pushing funds towards leveraged longs on APE on the other, this structural adjustment directly reflects its obvious increase in risk preference. Timing-wise, this operation coincided with the overall market volatility period around April 24, and along with other large whale addresses that had previously increased their shorts and longs on Hyperliquid, it formed a distinctly different choice of risk exposure at the same point in time.

Volatility not dissipated, what to watch next

In the past 24 hours, a total of approximately $171 million in dual long and short liquidations occurred across the network, with about $101 million in longs and approximately $70.43 million in shorts, affecting around 82,100 traders, with the largest single liquidation occurring on Hyperliquid's BTC-USD contract, losing approximately $3.58 million. Macro-wise, it is a typical double explosion of longs and shorts, while micro-wise within Hyperliquid, it presents a complex pattern where bullish whales, high leverage shorts, and long-tail speculative funds are all active simultaneously.

On one hand, Glassnode pointed out that the whale long positions on Hyperliquid have continued to increase over the past two months, with these addresses betting on price range breakouts, and the position structure showing relatively sustained bullish sentiment, without any obvious signs of a tide receding. On the other hand, the short side is represented by the whale 0x58bro: it has reportedly achieved about $33 million in unrealized profit with ETH 25x short and BTC 40x short on Hyperliquid, and around April 23, it concentrated deposits of approximately 3,811 ETH into Binance, leaving only about 0.5 ETH on-chain, demonstrating strong intent to realize and defend short profits. Meanwhile, the new wallet 0x0b8a sold 75 ETH for approximately $174,000 around April 24, then turned around and went long on approximately 9.19 million APE with 5x leverage, with a nominal position of about $1.03 million, becoming a typical case for high-leverage long-tail asset speculation.

In terms of fee and income volumes, Artemis data shows that the Ethereum network had approximately $2.7 million in fee income over 24 hours, while Hyperliquid was approximately $1.7 million under the same statistical metrics, still significantly lower than Ethereum, but has entered the mainstream income volume range. Combining the aforementioned high leverage shorts, bullish whales, and long-tail speculative behaviors, it can be reasonably inferred that within the derivative structure centered around perpetual contracts, fees of the same scale often correspond to larger nominal positions and more significant profits and losses fluctuations; the amplification effect of liquidation events on the funding curve is more pronounced.

In the future, at least three dimensions are worth closely tracking:

● First, observe whether the bullish whales continue to increase their positions. Glassnode’s provided two-month continuous increasing path has not yet shown any explicit signal of reduction. If after this round of dual explosions of longs and shorts, these addresses still choose to increase leverage with long exposure increasing rather than decreasing, this can be viewed as a re-confirmation of the upper boundary of the price range; conversely, if clear signals of reduction or withdrawal are detected on-chain, it could indicate that this batch of "trend funds" is beginning to lose confidence in the breakout narrative.

● Second, observe whether the short whales lock in profits. The short position of 0x58bro on Hyperliquid is still reported as open; about $33 million in unrealized profits either continues to bet on deeper pullbacks or is locked in through liquidation or hedging, which will directly affect the directional pressure within Hyperliquid. Its earlier centralized transfers of ETH to Binance and nearly clearing its position has already left room for a potential “extraction” of funds; if subsequent monitoring reveals its liquidation or deleveraging behavior on Hyperliquid, it can be seen as a significant risk preference inflection point signal.

● Third, observe whether high-leverage long-tail behavior spreads. 0x0b8a’s path of selling ETH spots and turning to a 5x leverage long on APE presents a typical "mainstream asset monetization – betting on long-tail high leverage" model. Current public monitoring has only exposed this singular case, which is not enough to prove this as a widespread collective phenomenon; further observation is needed to see if more similar wallets replicate this leverage structure on Hyperliquid. If such behaviors increase markedly in the coming days, it would indicate that leverage risks are beginning to seep from leading varieties into long-tail assets; if it remains at a case level, then this round of volatility is more akin to an isolated event of individual high-risk preference funds.

It is crucial to emphasize that the current public reports have not provided precise data on the overall open contracts' scale or funding rates for Hyperliquid, and any inferences about market structures must be cautiously approached with a "possible/to be confirmed" attitude. In this environment of incomplete information, grasping the directional shifts of whales, the rhythm of profit realization, and the degree of proliferation of new high-leverage behaviors may better help understand the next steps in this long-short showdown beyond simply chasing price fluctuations.

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