On April 24, according to CoinGlass statistics, approximately $171 million in liquidations occurred across the network within the past 24 hours, including about $101 million in long positions and approximately $70.44 million in short positions, with both longs and shorts being concentratedly liquidated; during the same period, a total of 82,120 traders experienced liquidations, with mainstream assets seeing liquidations of approximately $2.07 million in BTC and about $1.71 million in ETH, indicating that leveraged risks were concentratedly released within this time window.

In this wave of liquidations, Hyperliquid became a key link in the on-chain leverage chain: the largest single liquidation recorded during the same statistical period occurred on Hyperliquid's BTC-USD trading pair, with a single liquidation amounting to about $3.58 million, highlighting the platform's weight in perpetual trading and risk transmission that day.

What’s more noteworthy is that the profiles given by on-chain and data platforms show that this was not an isolated "accidental liquidation," but rather a concentrated settlement after a long-standing standoff between bullish whales and high-leverage short sellers. Glassnode pointed out that in the past two months, the bullish positions of whales on Hyperliquid have been steadily increasing, indicating that large perpetual traders continue to bet on upward price breaks; at the same time, the whale address 0x58bro tracked by Onchainlens deposited a total of 3,811 ETH into Binance, while only holding 0.5 ETH on-chain, yet still maintained a short position of 25 times on ETH and 40 times on BTC on Hyperliquid, with total profits of around $33 million; Lookonchain found that the new wallet 0x0b8a sold 75 ETH on Hyperliquid, cashing out approximately $174,000, before then going long about 9.19 million APE with 5 times leverage, with a nominal position of about $1.03 million. Under the intertwining of large whales continuously increasing their positions, high-leverage shorts refusing to exit, and new funds aggressively going long on long-tail assets, the largest single liquidation that took place on Hyperliquid on April 24 also brought the entire $171 million-level leverage game to the forefront.

Both Sides Liquidated: $171 Million Liquidation Day

From the overall data, the clearing on April 24 resembled a typical high-leverage volatile day rather than a unilateral trend market. According to CoinGlass statistics within 24 hours, the total liquidation amount across the network was about $171 million, with long positions accounting for about $101 million and shorts about $70.44 million, indicating that both directional parties experienced concentrated liquidation, showing price fluctuations repeatedly "slapping on the face" of high-leverage speculative funds within the range, rather than simply "cleaning out" one side.

The breadth of participants was also significant. In the past 24 hours, a total of 82,120 traders were liquidated, a number that clearly exceeded the scope of a few large players "fighting each other," representing a collective stomp from leveraged funds across multiple platforms and various instruments: containing both retail investors chasing rallies and pulling back, as well as institutional funds using high leverage for hedging and speculation.

From the distribution of varieties, on that day, the liquidation amount for BTC was about $2.07 million, and for ETH, about $1.71 million; the combined total of these two did not make up a significant proportion of the total liquidation of $171 million. This means that, aside from BTC and ETH, other contracts contributed the vast majority of liquidation amounts, with risk exposure more concentrated on non-top tokens—combined with the severe dual-direction liquidation on that day, it is likely that this portion of funds concentrated on high leverage and more volatile long-tail assets, though the specific structure still needs further dissection to confirm.

In this context, the largest single liquidation occurred in the BTC-USD contract on Hyperliquid, with an amount of about $3.58 million, marking the largest liquidation event across the entire market during this statistical period. From the perspective of "total network liquidation," this figure remains at the top even while spanning multiple platforms, indicating that there exists a significant single high-leverage exposure on Hyperliquid, which poses a more direct pressure signal to risk management and capital pool carrying capacity of a single platform. At the same time, while the overall liquidation amount of top assets is limited, the maximum single liquidation is concentrated in Hyperliquid's BTC contract, also suggesting that when long tail and high leverage positions continuously accumulate on the periphery, large high-leverage positions on mainstream tokens could become the most prominent "breaking point" in the whole $171 million liquidation chain once hit by volatility.

Whales Add Long Positions for Breakout

From the perspective of funding behavior, prior to this centralized risk explosion, large funds on Hyperliquid had already positioned their "direction." Glassnode's tracking on April 24 showed that during the past two months, large perpetual contract accounts on Hyperliquid have been wagering on breakouts, with their bullish positions steadily increasing, rather than fluctuating up and down in a short-term manner. This point was later reiterated by several media outlets like TechFlow, Odaily Planet Daily, and Foresight News, all pointing to a high degree of consistency: whales are continuously adding to long positions on Hyperliquid, with sentiment clearly leaning towards an upward market.

This sustained two-month increase looks more like a "high-confidence, multi-cycle" bet rather than a day trading game chasing one or two candlestick patterns:

● On one hand, whales choose to repeatedly add long positions within the price range rather than chasing higher prices, indicating that their core trading logic is to bet on "breakout upward," willing to bear paper volatility during consolidation periods in exchange for amplified returns when the breakout occurs.
● On the other hand, the bullish positions have been elevated in a staircase manner rather than being heavily entered at a single point in time, suggesting that these large funds may be using time to gain space—spreading their entry over time to average down costs, lengthening holding periods, and treating short-term pullbacks as part of "buying volatility," rather than as the end of risk.

However, high-confidence bulls do not inherently equate to "safe positions." On the same day as Glassnode's piece, in the corresponding 24-hour statistics, CoinGlass recorded that the total liquidation across the market amounted to approximately $171 million, with liquidations of long positions exceeding $101 million and short positions around $70.44 million, both sides being sucked into the liquidation chain. For bulls that have been continuously adding positions over the past two months, the biggest risk in such an environment is "passive deleveraging"—not voluntarily reducing positions, but price temporarily deviating and hitting strong liquidation lines, leading to forced reduction of leverage by the system or direct liquidation.

In this chain of liquidations, the position of Hyperliquid stands out: in the same statistical period, the largest single liquidation occurred in the BTC-USD contract on Hyperliquid, with an amount of about $3.58 million. Public data has not disclosed the specific direction and account ownership of this position, which can only be speculated to be related to high-leverage bulls or short-term traders. But regardless of ownership, this single liquidation illustrates a factual level that even large positions concentrated on mainstream tokens can be quickly pushed into the "range of system liquidation" when volatility suddenly amplifies.

When viewed together: on one end is the increase in positions of whales tracked by Glassnode over the past two months betting on upward breakouts, while on the other end is this type of concentration of long position liquidations exceeding $100 million on April 24, as well as the $3.58 million level single liquidation appearing on Hyperliquid. For these whales still in the market, short-term volatility may not change their long-term bullish judgments, yet every similar level of severe volatility will reset leverage limits—some positions will passively deleverage, and margin utilization pressure will rise, making the originally relaxed "multi-cycle bets" forced to become fragile within such liquidation chains.

Aggressive New Wallet: Selling ETH to All-In on APE

On the same day that massive liquidations reset leverage limits, new funds on the other end pushed leverage even higher. The new address disclosed by Lookonchain, 0x0b8a, serves as a typical example: it chose not to reduce risk after volatility expanded, but moved funds from blue-chip assets to directly bet on high-leverage long-tail longs on Hyperliquid.

The path of this capital is very clear: 0x0b8a first sold 75 ETH on Hyperliquid, cashing out approximately $174,000, and then immediately opened a 5 times leveraged long position, going long about 9.19 million APE, with a nominal position of approximately $1.03 million. This means that this new wallet nearly moved all its ammunition from mainstream assets like ETH spot to a single high-volatility asset APE, and through leverage enlarged its exposure to about 6 times its capital.

For a newly established address, having a nominal position exceeding $1 million combined with 5 times leverage extreme-izes risk and return:

- Mechanically, 5 times leverage means that for every 1% movement in the underlying price, equity theoretically amplifies to a 5% unrealized gain or loss; on high-volatility coins, this amplification effect directly elevates the probability of liquidation.
- In position structure, 0x0b8a heavily concentrates funds in a single long position on APE, lacking hedging or diversified allocation, which, if the market reverses, compresses the margin safety cushion in a short time, accelerating the reach to the liquidation line.
- For outcome distribution, such positions are closer to a binary structure of "either make a large profit or get liquidated," and combined with the previously mentioned $171 million liquidation environment, a severe price fluctuation could trigger the liquidation chain.

More crucially, this operation occurred on April 24: with a total liquidation amount of about $171 million across the network in 24 hours, including about $101 million in long position liquidations, the largest single liquidation occurred on Hyperliquid's BTC-USD trading pair, amounting to approximately $3.58 million. This means that during the same round of volatility, where large established players were passively deleveraging, new aggressive funds were transmitting risk from blue chips like BTC and ETH to long-tail assets like APE through Hyperliquid.

Combined with what Glassnode stated about "Hyperliquid whales continuously betting on upward breakouts and increasing bullish positions over the past two months," 0x0b8a is not an isolated phenomenon but rather a reflection of emotional resonance: on the high end are the whales continuously adding to their long positions, while on the lower end, there are new addresses imitating this betting style, pursuing the possibility of "doubling" through higher leverage and turning to higher elasticity long-tail varieties. This transmission of leverage from blue chips to long tails, once layered on an already tight margin system, will make every price fluctuation translate into larger-scale cascading liquidations.

High-Leverage Short Whale Realizing Profits

Unlike the new wallets chasing long-tail leverage, the established large player 0x58bro strikes a more subtle balance between "realizing profits" and "continuing to bet." Golden Financial cites Onchainlens data showing that as of about April 23, 0x58bro has cumulatively deposited 3,811 ETH into Binance, amounting to around $9.03 million at the time's price, while its on-chain address had only 0.5 ETH left, nearly completing the concentration transfer of its spot chips.

The chips did not completely exit the table but instead changed form to stay in play: the same report noted that this whale continues to maintain short positions with 25 times leverage on ETH and 40 times leverage on BTC on Hyperliquid, with a total of realized and unrealized profits of about $33 million, indicating that its prior short direction has achieved substantial paper gains. The substantial influx of spot into Binance, light positions on-chain while retaining high multiple shorts, resembles a strategy to realize part of its profits while deliberately keeping exposure to downward markets.

With such a profit level while still holding 25 times leveraged ETH shorts and 40 times leveraged BTC shorts, the motivation behind is tricky to conclude from a single dimension, but several reasonable speculations can be made: on one hand, 0x58bro may not fully trust the current rebound, betting on medium-term significant pullback space by continuing to hold high-leverage shorts; on the other hand, it may view the spot and derivative positions as a combination, forming a hedging framework between liquidity operations on Binance and the shorts on Hyperliquid—first cashing out the on-chain spot into usable trading capital while retaining directional chips with high beta for amplifying profits amid volatility.

This stands in stark contrast to the overall sentiment as characterized by Glassnode. Glassnode pointed out that in the past two months, the bullish positions of whales on Hyperliquid have been steadily increasing, with these large traders constantly betting on upward breakouts, indicating a strong bullish tendency; whereas 0x58bro has maintained high-leverage shorts as the main exposure direction on the same platform within the same timeframe, keeping a large-scale reverse bet in an environment where the general sentiment is "betting on bullish breakouts."

The result is a significant structure split within Hyperliquid's large funds: on one side are the bulls continuously increasing their positions over the past two months, raising the overall sensitivity of leveraged bulls; on the other side, a reverse participant like 0x58bro, which has already made substantial profits yet still persists with 25 times and 40 times shorts. Both sides not only are of comparable sizes but also choose to bet at high leverage layers, making each price fluctuation on the platform more likely to trigger concentrated liquidations for one or both parties, amplifying individual emotional divergences into sources of market-wide volatility.

Risk Checklist After High-Leverage Games

From the fee data, Hyperliquid has already positioned itself at the forefront of high-leverage derivatives trading but is still far from being called a "volume ceiling." On April 24, Odaily cited Artemis data indicating that Ethereum network’s 24-hour fee revenue was about $2.7 million, exceeding Hyperliquid's approximately $1.7 million revenue during the same period. The ability to be compared alongside Ethereum suggests that Hyperliquid has accumulated considerable trading activity and fee volume; however, in terms of absolute size, it is still noticeably distant from the income levels of mainstream L1s, and the "weight" of high-leverage derivatives in the overall chain system is still in the climbing stage.

In this structural volume context, this mutual resonance of long and short leverage release has already made Hyperliquid's risk contributions visible. Over the past two months, Glassnode has tracked a steady increase in bullish positions of whales on Hyperliquid, and large perpetual contract traders have shown bullish sentiment; during the same period, whale 0x58bro profited around $33 million through 25 times leveraged shorts on ETH and 40 times leveraged shorts on BTC, yet still has not closed the short position after depositing 3,811 ETH into Binance; on April 24, new wallet 0x0b8a cashed out about $174,000 from Hyperliquid and then went long about 9.19 million APE with 5 times leverage, with a nominal scale of around $1.03 million. Ultimately, on April 24, the total liquidation amount across the network reached $171 million, with the largest single liquidation occurring on Hyperliquid’s BTC-USD trading pair, amounting to about $3.58 million—implying that the accumulated leveraged positions on this platform have been sufficient to leave a high-weight "fingerprint" in the overall network liquidation statistics.

Putting these pieces together, a relatively clear outline can be seen: bullish whales have continuously raised the leverage floor for two months, bearish whales have maintained high exposure after significant profits, and new wallets are aggressively increasing leverage on long-tail assets, culminating in concentrated liquidations from both sides on the same day. Hyperliquid is evolving from a "high-frequency trading venue" to one of the concentrated emotional releases of high-leverage sentiment, with each amplified fluctuation no longer just a localized event within the platform, but potentially feeding back into the overall market's risk structure through liquidations in the millions of dollars.

The variables worth closely monitoring next lean more towards risk tables rather than price predictions:

● The subsequent path of bullish whales
– After continuously increasing bullish positions over the past two months, will they continue to add positions after experiencing a $171 million level liquidation day, or will they begin to deleverage?
– If prices fluctuate severely again, will bullish whales be forced to close their positions, shifting from "liquidity providers" to "sources of selling pressure"?

● Will high-leverage shorts choose to realize profits?
– 0x58bro has realized about $33 million in profits and transferred out 3,811 ETH, while still maintaining short positions with 25 times leverage on ETH and 40 times on BTC; will this high-leverage short choose to close positions to lock in profits or continue to amplify leverage betting on trend continuation?
– If this type of shorts takes action concentrated on one side (either adding positions or closing simultaneously), what secondary impacts will this have on Hyperliquid's liquidation chain remains uncertain.

● Will aggressive new wallets and long-tail asset leverage continue to increase?
– Will wallet addresses like 0x0b8a, which create nominal exposures in the million-dollar range using medium leverage on long-tail assets, continue to increase in number?
– The high-leverage games on long-tail assets, once they occur in sync with long and short liquidations of mainstream assets, could they amplify system-wide volatility across platforms?

● Will the scale and pace of liquidations converge?
– The recent single liquidation of about $3.58 million on Hyperliquid’s BTC-USD is one of the largest liquidation events during the period; will similar single-scale occurrences trend to decrease or maintain at this level in the future?
– Will the directional bias of long and short liquidation amounts (leaning more towards bullish or bearish sides) significantly change, altering the overall leverage structure's vulnerability on the platform?

Until these variables provide answers, the long and short games on Hyperliquid more resemble an unfinished risk checklist: fees and activity levels prove it has the "energy" to amplify sentiment, while large whales and new wallet high-leverage choices will determine who bears the brunt during the next major liquidation. For participants, the more pressing question is not "where will the price go," but "how dangerous is my leverage on this risk table before the next round of liquidation arrives."

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