Hyperliquid Whales Hold $6.6B, Long/Short Ratio 0.93

What stands out is the positioning itself: whale exposure on Hyperliquid is heavily concentrated, and a sub-1.0 long/short ratio means the largest accounts are leaning short rather than simply hedging. That matters because these are the traders whose liquidations and margin calls move order books on a venue where depth is thinner than on centralized peers. The open question is whether this skew persists or flips as broader market conditions shift.