Bitcoin Whales Flip Bearish on Hyperliquid for First Time Since March, Glassnode Says

According to a report published by Glassnode on October 27, 2026, the high-volume traders it monitors on the decentralized exchange held long positions throughout Bitcoin’s previous bottom before reversing their activity toward the sell side, while the asset traded near the $80,000 mark.

The on-chain analytics firm noted that this setup leaves two potential dynamics open in the derivatives market: traders could be anticipating a deeper correction, or they could face losses if a rebound triggers a forced short squeeze.

Glassnode described the group’s prior long entry as a trade executed with timely precision. The firm refrained from characterizing the current bearish positioning as an irrevocable confirmation of price drops.

In its technical report titled “Swept and Refilled,” released on October 21, Glassnode pinpointed two main liquidation zones modeled near $85,000 and $87,000. This estimate followed the absorption of an order cluster around $80,000 on October 15.

Model data suggests that a forced closure of short contracts could accelerate an upward move toward the $87,000 band. Concurrently, the report noted the presence of a spot market sell order block situated between $86,500 and $87,500.