Bitcoin needed just one week to sprint up to 98k… and another week to slide right back to 91k. In a market like this, trading perps isn’t for the faint-hearted. You either come with absurd capital, or nerves made of steel. And right now, Hyperliquid looks like a colosseum. The biggest players are staring each other down, placing bets that most of us can’t even imagine clicking.

On one side, the bears are swinging heavy. The address known as Strategy’s counterparty, 0x94d3735543ecb3d339064151118644501c933814, is sitting as Hyperliquid’s top BTC short. This wallet controls around $233 million in positions, floating a modest $744k profit for now, while leaning short on 2,078 BTC, 6,550 ETH, 142,160 SOL and even 74,167 DASH. It’s not a trade, it’s a worldview.

Right beside it is another monster, 0xd83516572789f1c782c8298efce58a5600318fd7. This one ranks as BTC short #2 and ETH short #3 on the platform. Total exposure? About $246 million. Unrealized profit sits near $6.7 million. The positions include 1,640 BTC, 31,093 ETH and 823 XMR, all pointed downward.Just full-on conviction that the market’s not done bleeding.

But the longs are just as loud.

There’s the infamous “flash crash insider” whale, 0xb317d2bc2d3d2df5fa441b5bae0ab9d8b07283ae. This account holds Hyperliquid’s top ETH long and ranks third on BTC longs. The scale is unreal -- $851 million in total position size, currently sitting on a $13 million unrealized loss. The exposure spans 1,000 BTC, a staggering 223,340 ETH, and 511,612 SOL. It’s a bet that doesn’t flinch. Even underwater, it stays.

Then comes 0x0Ddf9bAe2aF4B874B96D287a5aD42Eb47138A902, known as pension-usdt.eth. This wallet holds the second-largest BTC long, about $91.13 million in size, down roughly $4.48 million, riding a clean 1,000 BTC position. Quiet. Focused. Patient.

And finally, machibigbrother at 0x020ca66c30bec2c4fe3861a94e4db4a498a35872.
A smaller giant in comparison, but still massive by any human standard, $24.8 million in total exposure, down about $1 million, holding a straight 8,000 ETH long.

Same market. Same candles. Totally different realities.
This is what a real inflection zone looks like. Not on charts or in headlines. But in wallets that are willing to be wrong by millions… just for a chance to be right by tens of millions.