Recently, many friends have been watching Hyperliquid, focused only on BTC, ETH, and various altcoin contracts, but there is a significant new feature that is easy to overlook, which has quietly changed the way on-chain analysis is done — the XYZ sector. Now the platform is no longer limited to cryptocurrencies, offering continuous access to U.S. stocks, commodities, global indices, and perpetual forex contracts 24/7, directly expanding the trading landscape of smart money on-chain. Traditional assets like Google, Nvidia, crude oil, and gold can now be traced for complete operation footprints of large whales.
Today, I will explain this in three parts: first, what XYZ really is; second, its core value to traders; and lastly, I will guide you step by step on how to use AiCoin to search for large on-chain addresses. Various complete addresses of whales will not be released all at once in the live room, but will be synchronized to the exclusive on-chain communication group,

The group link is here: https://www.aicoin.com/link/chat?cid=N6OVMor5

In the group, we have organized numerous privately tracked addresses of major players. If you're interested, feel free to join the group for discussion.

Let me first clarify the underlying logic of XYZ; many people mistakenly think it is tokenized stocks, but it is not at all. It relies on the Hyperliquid HIP-3 protocol to build an independent contract market, which is the platform's crucial upgrade. Before this, Hyper was simply a cryptocurrency contract exchange, but after the launch of XYZ, it has transformed into a comprehensive macro trading market covering all categories on-chain, which is also the core reason we can now simultaneously track large players in U.S. stocks.
In the past, when we reviewed on-chain funds, the scope we could see was very limited, mainly BTC, ETH whale ambushes, meme coin insider funds, and old shares of new coins. But after the launch of XYZ, the dimensions of observation have significantly widened, and many capital movements that are not visible in traditional markets are now traceable on-chain: major players with heavy positions in Google before earnings reports, those who shorted before Nvidia's plunge, the positions of Micron, SK Hynix, and Intel's short combinations, and those who laid out positions in crude oil before changes in geopolitical situations, as well as funds that went short after gold surged, all have verifiable traces.
In traditional brokerage firms, ordinary retail investors have no way to know the pre-adjustment actions of institutions or large funds, and the changes in fund holdings are also seriously lagging. However, all transactions on Hyperliquid leave traces on-chain, and as long as you obtain the addresses of large players, you can completely analyze their full positions, unrealized gains and losses, margin ratios, and every historical transaction.

For example, the well-known Brother Ma Jie within the circle shows all buying and selling records clearly; his operations can be used as a reverse reference and can also be tracked to assist in making judgments by observing his entry price. This is the information advantage brought by on-chain transparency.
Thus, the real value of XYZ has never been about adding a channel to leverage U.S. stocks; the core significance is the comprehensive on-chain transparency of traditional secondary market trading behaviors. Retail investors can finally sync with institutions to obtain funding movements, thus bridging the huge information gap. Just input the corresponding large player address in Ai, and the full positions will overlay directly on the candlestick chart, making the review very intuitive.
Many people who look at chain data tend to fixate on profit rankings; this is a typical misunderstanding as rankings can only display short-term profit and loss figures without revealing the logic behind capital movements, nor can they determine whether the trading system of this large player can be reused in the long term. To fully evaluate a whale address, four judgment dimensions must be completed:

First, look at the source of profits: are the 30-day returns from repeatedly trading a single target or are they chaotic and frequently changing positions?
Second, look at the theme of positions: a screen full of short positions on chips indicates technology shorts; if it’s all about crude oil and gold, it indicates macro traders;
Third, examine the entry timing: setting positions before earnings and major news has tracking value, but following the market without a reference is not meaningful;
Fourth, assess risk management capabilities: smart money cannot make profits on every trade, so focus on whether they cut losses timely during losses and whether they increase positions reasonably during profitable phases.
AiCoin clearly retrieves the complete operational path of large players: first select the corresponding trading pair for XYZ, open the smart money section, filter by 24 hours / 7 days / 30 days profit and loss dimensions, specifically check the XYZ category, and by clicking into any address, you can view the full positions, transaction records, overall win rates, and profit and loss composition.

The page path diagram intuitively displays the search process; randomly capturing a large player with recent targets, during this round of U.S. stock pullback, a single account's profit directly reached seventy million dollars, and the complete position structure is clear at a glance.
Taking the recent market of SK Hynix as an example, the traces of the competition between two major bulls and bears are fully exposed on-chain, so I will first release the key addresses.
Bull address: 0xc8b527864ef2ad6dc49de7e99943a3a76ad4889
On July 24, this account began to become active, trading only in the storage sector stocks, heavily investing in Micron and SanDisk, and during this round of SK Hynix rebound market, between 13:42 and 14:09 in just 27 minutes, it bought 31,968 SKHX contracts, with a total transaction amount of 31.39 million dollars, directly topping the position rankings at an average price of 981.9 dollars, with a liquidation line of only 554 dollars. In the previous two rounds of Micron operations, each transaction amount was in the range of 28 to 29.3 million dollars, and after exiting SanDisk with short losses the previous day, all funds were immediately transferred to the long positions in Hynix, showing clear directional focus on the storage cycle.
Now looking at the opposing bear address: 0xebe126adabe1a8f08d3ce53b45e7cc994ca14070
Currently holding 46.75 million dollars in short positions on Hynix, with an opening average price of 1171.8 dollars and an unrealized profit exceeding 12 million dollars. The divergence between bulls and bears is evident: the bulls believe that the market has fully digested the negative earnings report, and the long-term supply-demand logic of HBM remains unchanged, considering around 980 dollars as having layout value; while the bears continue to short the market against the excessively high valuation expectations for AI storage, anticipating further downward adjustments of valuations.

All transaction points of these two large players can overlay on the same K-line chart, and price anomaly alerts can also be set to track both sides' position adjustments in real-time, making for a real showdown between bulls and bears.

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Now let’s take crude oil market conditions as another example; earlier, the easing of U.S.-Iran negotiations led the market to speculate that geopolitical risks would diminish, causing oil prices to drop; however, subsequent fluctuations in the Red Sea and Strait of Hormuz pushed risk premiums back up, thereby increasing oil prices. Traditional K-lines can only show the result of rises and falls, but the XYZ sector can reveal complete funding movements, distinguishing who closed positions early, who added positions against the trend, and who switched between long and short; the capital battles behind the rises and falls are all clearly visible, with many macro large players laying out positions ahead of falling trends and directly taking profits during the rebound phase.

Many people normally invest in indexes like S&P 500, Nasdaq, Shenzhen-Hong Kong 300, Hang Seng Index; this on-chain tracking concept is equally applicable. During the earnings season, keep a close eye on targets such as Google, Microsoft, Meta, Nvidia, and SK Hynix. Traditional market interpretations simply correlate financial reports with price movements, while the on-chain perspective is entirely different: it allows early visibility of funds that have positioned ahead of financial reports, large players taking profits after positive news is released, and accounts forced to liquidate after misjudging market direction, which provides far more useful references than basic interpretations.
In summary, XYZ is not just a newly added trading sector; it has directly expanded the observational boundaries of on-chain smart money. In the past, we were focused only on cryptocurrency whales; now, macro large players across U.S. stocks, crude oil, and forex have all entered our observation scope. Large players do not actively tweet about their trades, but every position will be faithfully recorded on-chain.

If you have any targets you want to analyze, feel free to put them in the comment area; later, I will randomly select viewers to share complete on-chain member privileges. GOOGL, NVDA, TSLA, MU, crude oil, gold, and index varieties can all be mentioned.

If you want to join the on-chain large player communication group, copy the link: https://www.aicoin.com/link/chat?cid=N6OVMor5

The group continuously synchronizes various high-quality tracking addresses, and any functional operation issues can also be addressed with customer service.
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