I just checked the whale data on Hyperliquid and things are pretty balanced lately. The big holders have around $2.936 billion in open positions, but what's interesting is that the long-short ratio is almost even, nearly 0.97. This means that whales are not strongly betting in one direction.

Looking at the numbers: $1.448 billion in longs (49.3%) versus $1.489 billion in shorts (50.7%). It's practically a tie. But here’s the strange part, the longs are losing $116 million while the shorts are gaining $200 million. That suggests the market is pushing more downward at the moment.

I saw a particular case of a whale who opened a long position in ETH with 15x leverage at $1991.53, but it’s in the red with nearly -$1M unrealized loss. When you see whales taking such risks and losing, it makes you think about the overall sentiment. The very close long-short ratio tells us that even the big players are not confident about the direction right now.