Bitcoin whales open $86.2M in longs as retail traders stay short

Two whale wallets opened $86.2 million in leveraged Bitcoin longs on Hyperliquid as BTC traded at $62,838, down 1.01 percent on the day and 4 percent over the past week.

According to Lookonchain data, the two wallets hold a combined 1,364 BTC in long positions, each using 20x leverage. The first wallet opened 840 BTC ($52 million) with a liquidation price of $61,079, already down $714,000. The second holds 523 BTC ($32 million) with a liquidation price of $61,096, down $473,000.

CoinGlass data shows the Long/Short Ratio at 0.84, below 1 for three consecutive days, meaning most traders are positioned short. The Bitcoin Estimated Leverage Ratio has also been declining over the same period, indicating traders are deleveraging even as prices hold sideways. This combination of retail short positioning and declining leverage suggests speculative demand is weakening, with traders waiting for clearer direction.

If BTC breaks below $62,000 support, the liquidation cascade from these whale positions could push prices toward $60,270, a level not seen since early July. The concentration of high-leverage longs near $61,000 creates a zone where forced selling could accelerate any downside move.

Retail short positioning vs. whale conviction

The divergence between whale and retail positioning is notable. While the two Hyperliquid wallets are betting on a rebound, the broader market remains bearish. The Relative Volatility Index (RVI) crossed below the midpoint to 48, suggesting recent price declines have intensified. The Bulls Bears Power indicator also shows sellers controlling the market.

Historically, highly leveraged whale positions have produced short-term pumps before liquidation events. But with BTC having been rejected at $65,409 four days ago and now holding in a thin $62,000-$63,000 range, the risk skew is to the downside. The 20x leverage on both positions means even a 5 percent adverse move would wipe them out entirely.

What happens next

The $61,000 level is the critical threshold. If both whale positions get liquidated, the forced selling could trigger a cascade that takes BTC well below $60,000. Conversely, if BTC holds above $62,000 and these positions stay open, the leverage could fuel a squeeze higher.

Ethereum's correlation with BTC remains a factor — any sharp move in the king coin typically drags altcoins in the same direction. Traders watching the $61,000-$62,000 zone will be monitoring Hyperliquid's liquidation data closely for signs of forced selling. The outcome of this whale-versus-retail positioning battle could determine Bitcoin's direction for the remainder of August.

This article is for informational purposes only and does not constitute investment advice.