The second issue of On-Chain Signals has arrived as promised. In the last issue, I shared the trading idea of "whale movements + key events." I wonder if any friends have put it into practice? Last time focused on basic logic and general methods, today we will dive straight into Hyperliquid and teach everyone how to accurately judge bullish and bearish trends through publicly available whale positions on-chain. Friends familiar with Hyperliquid know that, as a high-performance DEX, its perpetual contract trading is fully on-chain, and every significant position change is publicly traceable, which is a natural advantage that centralized exchanges cannot compare to. From large transfers from CEX, high leverage opening positions, to the accumulation of chips for popular coins like HYPE, every action conceals the true intentions of whales.
Why Hyperliquid is Best for Tracking Whales
The reason for choosing this platform for whale research is three irreplaceable advantages. First, positions are completely public and transparent. All perpetual contract holdings are on-chain verifiable. You can directly input an address on AiCoin to check the real-time holdings of any address. For example, the whale who made a fortune by shorting, all the data is publicly traceable.
The second is that high leverage amplifies market influence. Platforms generally support leverage greater than 10-50 times. A slight change in position can trigger substantial market fluctuations. Especially in stock contracts, trading does not require KYC; one can trade with just a wallet, which is very friendly for those who cannot open accounts on centralized exchanges; whether it’s the OKX wallet, Binance wallet, or MetaMask, all can connect and be used directly. The web version query entrance: https://www.aicoin.com/zh-Hans/hyper-detail/0xaeaab54bbf65bfd6efed7d2eb68372298e3c2416 The PC client entrance is also now online.
The third is that complete operational behaviors are traceable. Actions like taking profits, stopping losses, and halving positions can all be tracked throughout, making it easy to understand a whale's trading style. The core reason our research institute spends so much energy on on-chain research is simple: the position changes of whales often lead price movements. The essence of the market is driven by capital, and large amounts of capital are in the hands of whales; being able to understand their movements naturally increases the trading win rate, especially when funding rates become extreme—the signals become particularly accurate.
Understanding Whale Intentions: Don't Just Look at Position Size
Many people look at whales and only focus on "is the position large or not" and "are they long or short," which is too rough and can easily be deceived by false moves. To truly grasp a whale's real thoughts, one must examine five core dimensions. First is the size and concentration of positions. Check what proportion their position occupies of total assets, whether it is a diversified layout or a heavy concentration on a single cryptocurrency—the heavily concentrated targets are often the true direction they are betting on. Second is leverage and risk exposure. Are they opening positions with a 10x stable approach, or going all out with 20x leverage or higher? The more extreme the leverage, the stronger their belief in that direction, and the easier it is to trigger market fluctuations. Third is the funding rate payment situation. Willingness to continuously pay a high funding rate to hold one direction indicates a genuine trend judgment, not short-term speculation. Fourth is the behavior of increasing or reducing positions. Continuing to add positions during floating losses indicates a typical "die hard long" or "die hard short," while reducing positions in batches after making a profit signals taking profits. Speaking of adding positions, there has recently been a typical follow-the-trend case on-chain that actually serves as a wake-up call for retail investors: do not hold onto things that are hyped up for the long term, whether it's the inscription trend or the NFT craze, it's the same principle. Fifth is the historical behavior style. Look at whether they have a "stubbornly hold until the end" style or a "flexibly take profits and cut losses" type; understanding their temperament helps know how to follow along. 
Two Whale Addresses Worth Keeping
Having discussed the methodology, here are two benchmark whales that are most valuable for tracking, and you can save the addresses for daily observation. The first one is the exclusive bullish whale of HYPE, address: 0x082e843a431aef031264dc232693dd710aedca88. The community calls it "HYPE Insider Whale," because it always manages to accurately land on key nodes of HYPE. Many suspect it has a core information advantage. Even during the most desperate times of price decline, it neither stops losses nor reduces positions; it is basically the anchor for HYPE bulls. Currently, HYPE is over 60 dollars, with the peak almost reaching 80, and its position changes are essentially the market's directional indicator. Friends interested in HYPE and looking to catch segmental trends can save this address; as long as it remains stable, the market will stay relatively calm; when it moves, it often indicates that the market is about to start, so just ride along.
The second address is a must-save for bearish players, known as "All-Coins Bear King," address: 0x45d26f28196d226497130c4bac709d808fed4029
Its trading approach is extremely ruthless—100% shorting 60 positions, never going long, nor hedging rebounds, relying on a "short matrix" covering BTC, ETH, HYPE, and dozens of altcoins to hunt for liquidity in bear markets. The most impressive instance was shorting XPL, starting with a nominal position of only 2 million dollars, and despite being at high positions, it kept increasing the position, eventually making over ten million dollars before exiting. Its judgement on the peaks of altcoins is very accurate; once it starts laying out short positions on a particular coin, it basically indicates that the liquidity premium of that coin has peaked. The capital volume is large enough to even accelerate the decline of the coin price from the high point. Those who love to short can keep an eye on its position updates; when it moves, you move as well. Leveraging large capital to push the market is much more comfortable than trying to find short positions on your own. Many people clearly point in the right direction but cannot hold on until the market starts, mainly because they do not catch the rhythm of large capital. Following the whales can resolve this issue. 
How to Track? Tools and Practical Tips
Some may ask how to track these addresses? The most direct method is to use AiCoin to check the perpetual holdings of addresses. The current basic functions are sufficient. Later, we will launch a new version specifically for whale tracking, which will be much more useful; at that time, I will teach everyone to combine K-line analysis together. Friends who have not yet bound the authorization can consult customer service to understand the binding methods of Hyperliquid and AiCoin; after authorization, you can directly trade all coin pairs of Hyperliquid within AiCoin. Currently, direct connection trading is supported on both PC clients and Android, and the iOS version will be added later. Exclusive registration entrance: https://app.hyperliquid.xyz/join/AICOIN88 For example, popular targets like Hynix on the platform can be traded directly after authorization. 
Finally, let me summarize the core points for tracking whales: closely monitor large capital inflows; transfers from CEX often signal action is about to happen; find several whales moving in the same direction for cross-validation; a single address can be misleading, but multiple whales moving in the same direction is a strong signal; combine leverage, position size, and entry rhythm for judgment; sudden significant bets and gradual positions have completely different signal strengths; and pair these with previously mentioned CEX large inflow and chip concentration signals for even higher accuracy. In the future, we will also organize more valuable content from whale research, and once the new version is launched, we will immediately bring everyone practical operations.
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