Ether accounted for $186 million of the decline in short exposure across six Hyperliquid perps
Shorts still made up 64.6% of the large-account sample by dollar value on Monday, down from 69.5% on Sunday. Bitcoin had the biggest short book on both days.
Large accounts tracked on Hyperliquid held $572 million in EtherETH+0.94% perpetual futures shorts in Monday’s sample, down from $758 million on Sunday. Ether alone accounted for nearly two-thirds of the $289 million decline in short exposure across the six crypto markets OptimistFi compared.
| Crypto perp | Sunday ($ millions) | Monday ($ millions) | Decline ($ millions) |
|---|---|---|---|
| BTC | 965.12 | 900.77 | 64.35 |
| ETH | 758.21 | 571.97 | 186.24 |
| SOL | 155.26 | 144.96 | 10.30 |
| XRP | 69.11 | 46.19 | 22.92 |
| DOGE | 24.41 | 19.67 | 4.74 |
| BNB | 5.42 | 5.34 | 0.08 |
Dollar value of sampled positions in Monday’s reading. The account-market count includes a wallet once for each market where it held a position.
| Short side | $1.69 billion |
|---|---|
| Long side | $924.1 million |
Ether and Bitcoin accounted for most of the decline
BitcoinBTC+0.85% shorts fell by $64 million, the second-largest drop. Even after that decline, the sample held $901 million short on Bitcoin, more than on the other five markets combined. Short exposure also fell on SolanaSOL+1.55%, XRP+0.01%, DogecoinDOGE+0.67% and BNB+1.19%.
Across the six markets, the value of long positions rose by $57 million to $924 million. That increase and the drop in shorts both helped bring the short share down. Monday’s $1.69 billion in shorts still outweighed the longs by about $765 million.
What a smaller short book can tell us
A perp lets a trader take exposure to a coin’s price without owning it. The figures here measure the size of the outstanding positions. For example, a short on one Ether has $2,000 of exposure when Ether trades at $2,000. If the price falls to $1,900 and the trader keeps the position open, its exposure falls by $100.
The Sunday sample contained 643 account-market positions and Monday’s contained 650. A trader with positions in both Bitcoin and Ether counts twice. The records cover the same six markets, but they do not follow the same wallets through individual trades. They cannot tell us how much of the $186 million decline came from traders closing Ether shorts.