Hyperliquid (HYPE) “Money Printer” Traders Flip $60 Million Net Short

Hyperliquid's Top Winners Turn Cautious

The traders who have made the most money on Hyperliquid (HYPE) are no longer positioned for more upside. PnL positioning data published by Coinglass shows the platform's top profit bucket, the so-called “Money Printer” group of wallets holding more than $1 million in cumulative profit, carrying approximately $2.82 billion in long positions against $2.88 billion in shorts. That balance leaves the cohort roughly $60 million net short, a thin deficit next to its size but enough to hand the group an overall bearish wallet bias. Net short here means the value of short positions exceeds the value of longs across the cohort's book, a simple but telling arithmetic. The two books sit near mirror images of each other, which reads less like an aggressive bet against HYPE and more like a change in how the cohort manages risk. The snapshot is dated Sunday, October 4, and covers the venue's perpetual futures book, where accounts are sorted by lifetime profit into bands that update as positions move. That framing is what makes the print unusual: these are the wallets that have been right more often than any other band, many of them running strategies closer to professional market makers than to directional retail. The Hyperliquid price swung 3.1% over the past 24 hours while this shift was being tallied, and the contrast with every smaller profit band, which remains tilted long, sets up the divergence the rest of this piece tracks.

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The split becomes clearer band by band. Traders with $100,000 to $1 million in profits remain slightly bullish, carrying $879.11 million in longs against $419.12 million in shorts. The $10,000 to $100,000 cohort leans considerably harder, with $526.93 million long versus $188.74 million short. Retail-sized wallets, the $0 to $10,000 band, hold nearly three times as much long exposure as short, at $240.83 million against $82.70 million, and even wallets sitting at a small overall loss are classified as very bullish in the same dataset. Everyone below the top, in short, is leaning into the bull market while the winners have stepped back. Scale sharpens the point: the Money Printer cohort controls $5.70 billion in total positions, far more than any other group, yet its long-short difference is tiny relative to that exposure. That is not the profile of a heavy directional bet against the market; the record points instead to traders who have grown considerably more cautious, hedging existing exposure or positioning for elevated downside risk, the kind of posture that tends to show up early in a bear market rather than late. The cohort's own scoreboard complicates a doom reading: inside the group, 216 positions are winning against 160 losing, so the short tilt coexists with continued profits. What carries weight is the gap between winners and the crowd: smaller and moderately profitable traders remain overwhelmingly long, and for the venue's sizable copy trading audience that spread is the number to watch. If it widens, the case that sophisticated money expects the current momentum to fade gets louder; if it closes, the flip dissolves into ordinary hedging. Readers weighing the setup against the venue's mechanics can start with our guide on how to trade on Hyperliquid.

What Would Break the Bearish Read

COINOTAG's desk reads the print as a positioning warning, not a verdict. The primary record behind the figures, the Coinglass PnL positioning snapshot, states the balances directly and names no level at which the reading would fail; with no stated invalidation, the bearish call stays open-ended by construction. Our monitoring reduces it to one number: the $60 million deficit. If it grows while the smaller bands stay long, the winners-versus-crowd gap hardens into a genuine downside bias; if it closes, the flip was hedging noise. One counterweight sits in institutional channels, where Grayscale's HYPG drew a $4.96 million net inflow on October 1. For chart levels beyond positioning, our Hyperliquid technical analysis desk tracks the nearby supports and resistances.