Whale accounts on Hyperliquid, a decentralized exchange for perpetual futures, have shifted their Bitcoin positioning from net long to net short for the first time in seven months, Glassnode said on November 8, 2026. As of November 7, these accounts held between $892 million and $924 million in Bitcoin shorts, compared with $454 million to $483 million in longs. Their estimated net short position ranged from $345 million to $470 million, while the largest individual short was approximately $178.5 million opened near $76,390. Bitcoin traded around $75,800 to $76,000 when the data was recorded. The whales moved into a net short position on October 27, 2026, as total Bitcoin perpetual open interest on Hyperliquid reached roughly $3.13 billion, and short exposure later climbed to its highest level since October 2025. Hyperliquid operates on its own Layer-1 blockchain and exposes large positions on-chain, making whale activity a closely watched market sentiment indicator. Some of the same accounts are also shorting HYPE, Hyperliquid's native token. The positioning reflects bearish expectations among major traders, while sustained gains above their entry levels could force short sellers to buy back Bitcoin and intensify a short squeeze. Traders are watching whether the net short bias expands or unwinds, how Bitcoin behaves around $76,000, and whether HYPE short positions continue to increase.