On April 24, 2026, CoinGlass data provided a quantitative outline of the latest "long and short double explosion": In the past 24 hours, the total liquidation across the network was approximately 171 million USD, of which long position liquidations were about 101 million USD and short position liquidations were about 70.4366 million USD, with around 82,120 traders being forcibly liquidated. Broken down by varieties, the liquidation amount related to BTC was about 2.0702 million USD, while the liquidation related to ETH was about 1.7111 million USD. Leveraged funds concentrated in a short period were cleared, and the price direction did not "reward" any aggressive positions on either side.

In this chain of liquidations, Hyperliquid was directly named by the data: the largest single liquidation occurred in its BTC-USD trading pair, amounting to approximately 3.5809 million USD. This means that, among the total forced liquidations of 171 million USD across the network, the peak of a single risk exposure fell on Hyperliquid's BTC contract, amplifying its weight in the wave of derivatives volatility, and no longer just background noise.

At the same time, both on-chain and exchange-side indicators pointed to the same feature: High-leverage whales on Hyperliquid continued to engage in intense speculation, but the direction was highly differentiated. On one hand, glassnode disclosed on April 24 that over the past two months, whale long positions continuously increased, favoring breakthroughs to the upside, reflecting the strong bullish expectations of large perpetual contract traders; on the other hand, the address 0x58bro, tracked by Onchainlens and Jinse Finance, after accumulating the transfer of 3,811 ETH to Binance, maintained short positions with 25x leverage in ETH and 40x leverage in BTC on Hyperliquid, with total profits of about 33 million USD. Additionally, a new address, 0x0b8a, sold 75 ETH for approximately 174,000 USD on the same day and then went long about 9.19 million APE (with a nominal value of about 1.03 million USD) using 5x leverage, indicating that Hyperliquid has become the main battlefield for both massive long and short whales and newly entered high-leverage funds—risks were concentrated and amplified, and opportunities were quickly priced in the same deep water zone.

171 Million Liquidations: Largest Single on New Platform

As of April 24, 23:33, CoinGlass data showed that the total liquidation across the entire market in the past 24 hours was approximately 171 million USD, with long positions about 101 million USD and short positions about 70.4366 million USD, involving about 82,120 accounts being forcibly liquidated. Both long and short liquidations were above the ten million level, and the proportions were not overwhelmingly one-sided, reflecting a typical "long and short double explosion" structure: The market oscillated back and forth in a short period, with long and short leverages being swept in turn, and the price volatility itself further amplified the scale of liquidations.

From the breakdown of assets, based on disclosed data, BTC-related liquidations were about 2.0702 million USD, while ETH-related liquidations were about 1.7111 million USD, which does not stand out in proportion of the total scale. This means that a significant portion of the 171 million USD of liquidation pressure came from contracts other than BTC and ETH, and these contracts often carry structural risks with high leverage and low liquidity—once capital concentrates on a few platforms and contracts, the impact of forced liquidations on price curves will be more pronounced.

In terms of platform distribution, the largest single liquidation in this round occurred in Hyperliquid’s BTC-USD trading pair, amounting to about 3.5809 million USD. This means that amidst the wave of forced liquidations totaling 171 million USD, the most significant single-impact risk exposure was on this emerging derivatives platform. This fact indicates at least two points: first, Hyperliquid has attracted a considerable amount of high-leverage BTC perpetual positions; second, the leverage usage intensity of large accounts is sufficiently high, making them among the "first victims" in the liquidation chain during short-term fluctuations.

Combined with the background of increasing whale long positions mentioned earlier and the 5x leveraged long of APE by new address 0x0b8a, we can clearly see the concentration of risks: On one end are the whales who have been accumulating positions over the long term on Hyperliquid, and on the other end are the newly entering capital that is directly leveraging up. When market fluctuations amplify and trigger 171 million USD level mutual forced liquidations, the largest single liquidation occurred on Hyperliquid, meaning that the internal leverage density and the directionality of positions were both at high levels.

From the perspective of potential chain reactions, a single liquidation of 3.5809 million USD in BTC-USD will not change the entire market structure, but it provides a “risk concentration sample”: When similar high-leverage positions of such size exist densely on the same platform and the same direction, once price fluctuations trigger the liquidation threshold, the forced selling pressure may first be amplified within the platform and then transmit through price signals to other venues. Current data is not sufficient to prove that large-scale cross-platform cascade events have already occurred, but it is at least confirmed that Hyperliquid has transitioned from being a "new platform" to a key node in this round of long-short duel, with its contract market leverage structure and risk control mechanisms directly affecting the real profit and loss distribution of participants.

Whales Accumulating Long Positions for Two Months: Betting on Breakthrough

Glassnode continuously disclosed between 16:45-17:00 on April 24 that over the past two months, multiple whale accounts on Hyperliquid have consistently taken long positions for breakouts, with their long perpetual contract positions in a state of continuous net increase. This indicates that in the current environment of high volatility and frequent liquidations, most of the main funds within the platform have not chosen to frequently oscillate but rather firmly stand on the upward breakout side.

From the dimensions of direction and time, confirmed information is very clear:
● In terms of direction, this group of whales is concentrated on bullish bets;
● In timing, it is a "continuous accumulation over the past two months" rather than short-term emotional positioning;
● In terms of subjects, it focuses on large perpetual contract traders on Hyperliquid.
Based on this, Glassnode directly provided the judgment of "strong bullish sentiment," and multiple media outlets (including Star Daily, Odaily, TechFlow, Foresight, etc.) repeatedly reiterated this perspective in their coverage on April 24, reinforcing the market perception that "Hyperliquid whales steadily increased long positions within two months." However, relevant public information has not disclosed specific position sizes and leverage multiples, and the external parties can currently only confirm direction and continuity while failing to accurately profile the risk exposure of these positions.

Interpreting this medium-term accumulation behavior in the context of the current environment of 171 million USD long-short mutual liquidations means that despite facing large-scale forced liquidations and severe short-term fluctuations, the main fund structure on Hyperliquid still shows a tendency towards leverage in favor of the long side. In other words, the baseline assumption of large perpetual contract traders remains that "prices will eventually break through the upper boundary of the range," with short-term retractions and liquidation pressures viewed more as noise before the trend rather than signals for a trend reversal.

Next, what truly needs to be closely monitored is the behavior path of these long whales after large-scale liquidations: Once price fluctuations further intensify, will they passively reduce positions and leverage down with the liquidation chain, or will they utilize the pullback to continue increasing their long bets and amplify their initial breakout wagers? This will directly determine the long leverage density within Hyperliquid, whether it enters a systematic deleveraging phase, or whether it accumulates elasticity for the next upward rush on a higher-risk basis, and will largely affect the subsequent balance of long and short forces and the evolution direction of the liquidation chain.

New Wallet All-In on APE: Leveraging with ETH

On the same trading day when large-scale liquidations occurred for both longs and shorts, on-chain data still revealed a typical leveraged "against-the-grain accumulation" sample. Around 21:54 on April 24, 2026, Lookonchain monitored the newly created wallet address 0x0b8a selling 75 ETH, cashing out approximately 174,000 USD to free up USD margin for subsequent leveraged operations.

This ETH liquidation did not remain on relatively "mainstream" risk exposures but was immediately redirected to a single altcoin contract. Public data disclosed that after this, address 0x0b8a opened a 5x leveraged long contract on Hyperliquid, going long on approximately 9.19 million APE, with a nominal position value of about 1.03 million USD. Rough calculations with 5x leverage suggest that the margin size corresponding to this position is roughly around two hundred thousand USD, which matches closely with the 75 ETH just sold, reflecting the use of ETH as "leverage material" to amplify directional bets on a single asset.

It’s important to note that 0x0b8a is clearly marked as a newly created address, and public information has not disclosed its historical trading records and source of funds, nor are there more behavioral samples for reference. This means it is hard to determine whether it is an individual speculator, an institutional account, or a more complex capital structure behind it; its opening logic and risk management framework can currently only remain at the hypothetical level.

Placing this operation back in the overall context of the day holds more instructive significance. As of April 24, 23:33, CoinGlass statistics showed the total liquidation amount across the entire network in the past 24 hours was approximately 171 million USD, with long positions about 101 million USD and short positions about 70.4366 million USD, involving about 82,120 traders being forcibly liquidated, with the largest single liquidation having occurred in Hyperliquid's BTC-USD trading pair. In this backdrop of "long and short double explosions," a new address chose to sell ETH and leverage 5-fold to concentrate a nominal exposure of over 1 million USD on APE, indicating that the risk preference of some funds remains high and did not shrink significantly in response to the short-term wave of liquidations.

Currently, public information does not provide subsequent profit and loss situations for the APE long position of 0x0b8a; whether it becomes one of the liquidation samples or gains excess returns amidst volatile swings remains uncertain. What is certain is that this type of new capital behavior of "leveraging high-leverage altcoin contracts with ETH" will directly raise the risk concentration within Hyperliquid and lay down new variables for the subsequent rebalancing of long and short forces and the evolution of the liquidation chain, which need to be continuously tracked in future on-chain and platform data.

Large Short Holder Cashing Out ETH: Still Betting on High Leverage

Unlike the new funds leveraging ETH to go long on altcoins, the established large holder 0x58bro chose a strategy of "cashing out profits first, then maintaining direction" during this round of volatility. On April 23, 2026, Onchainlens monitored this address depositing a cumulative total of 3,811 ETH into Binance, worth about 9.03 million USD at the time, with 2,791 ETH incoming in just the past 24 hours, worth about 664,000 USD, indicating a clear pace of selling. After the transfer was completed, the on-chain public address only had about 0.5 ETH left, suggesting that the vast majority of ETH spot positions had been transferred out, which appeared more like actively cashing out previous gains and moving chips onto the trading floor.

However, cashing out spot does not mean completely exiting the market. Jinse Finance, citing Onchainlens information, stated that 0x58bro still holds a short position with 25x leverage in ETH and 40x leverage in BTC on Hyperliquid, with total profits around 33 million USD. Public information has not disclosed the nominal size and opening cost of these two shorts, but we can confirm their direction is bearish, the leverage multiples are high, and the current level of approximately 33 million USD is floating profit—this means that following severe fluctuations, this account remains deeply exposed in the direction of high-leverage contracts.

While nearly liquidating all spot positions, maintaining high-leverage shorts indicates a “cash out spot + retain high-leverage short” structure, pointing to a continued need for defensive positioning or bearish expectations for the market: On one hand, by transferring a large amount of on-chain ETH into Binance, 0x58bro has locked in a significant amount of book profit; on the other hand, the high-leverage short positions in ETH and BTC continue to expose it to the potential for amplifying profits if further declines occur, or at least to hedge against possible risks of re-accumulating spot on the downside. In an environment of mutual liquidations on both sides, such whale-level accounts’ combination behaviors will add extra downside elasticity on the market and make Hyperliquid's short leverage exposure a variable that needs to be separately analyzed when observing market sentiment and risk transmission afterwards.

Fee Revenue Comparison: Ethereum Still Prevails

During the same period of high short leverage exposure interwoven with mutual long-short liquidations, on-chain fee revenue data provided another observation path. On April 24, 2026, at 16:02, Odaily cited Artemis data indicating that Ethereum network's fee revenue in 24 hours was about 2.7 million USD; during that same period, Hyperliquid's revenue was about 1.7 million USD. Star Daily reiterated this comparison again that evening: Ethereum's 24-hour fee of about 2.7 million USD is significantly higher than Hyperliquid's.

This means that even though in this round of total liquidations amounting to 171 million USD, the largest single liquidation of about 3.5809 million USD took place in Hyperliquid's BTC-USD trading pair, and the whale longs described by Glassnode and the high-leverage shorts tracked by Onchainlens were active on Hyperliquid, the volume of fees captured by the platform still exhibits a considerable gap compared to Ethereum's main network. In other words, Hyperliquid has become a key venue in this round of leveraged liquidations, but in terms of revenue scale, it is more amplifying fluctuations within the derivatives segment rather than replacing Ethereum’s central position in broader on-chain economic activity.

It should be emphasized that currently, publicly available data only provides revenue comparisons for the time frame of April 24, and does not offer a systematic historical sequence. In the absence of continuous samples, it is not rigorous to determine whether Hyperliquid's fee revenue relative to Ethereum is on the rise or in decline, nor can any conclusions be drawn about whether it has "already" or "not yet" completed a structural overtaking. A more prudent interpretation is to view this difference of 2.7 million USD versus 1.7 million USD as a static snapshot: On the day of mutual long and short explosions, and the intensive engagement of high-leverage whales, Hyperliquid’s derivative activity significantly increased but is still a considerable distance from achieving absolute dominance in the overall on-chain economy.

High-Leverage Hedge War: What to Watch Next

Putting these fragments together, we can see that Hyperliquid effectively became a concentrated venue for high-leverage positions in this round of 171 million USD long-short double explosion: Glassnode pointed out that over the past two months, whale long positions on the platform have continuously increased, favoring "betting on upward range breakouts"; at the same time, large accounts like 0x58bro maintained 25x leverage in ETH and 40x leverage in BTC around April 23, accumulating around 33 million USD in profits. Adding the fact that the largest single liquidation of 3.5809 million USD occurred on Hyperliquid’s BTC-USD pair, it can be said that long whales and high-leverage shorts are confronting each other on the same battlefield, and the concentration of high-leverage risks has correspondingly increased.

More detailed funding paths also point to “long-short hedging and risk redistribution within the same platform”: On April 24, 2026, at 21:54, new wallet 0x0b8a sold 75 ETH on Hyperliquid for about 174,000 USD, then immediately went long on approximately 9.19 million APE using 5x leverage, with a nominal value of about 1.03 million USD, leveraging ETH to enable long positions in altcoins; while 0x58bro, around April 23, transferred a cumulative total of 3,811 ETH (about 9.03 million USD) to Binance, leaving only about 0.5 ETH on-chain, yet still maintaining high-leverage ETH/BTC shorts on Hyperliquid. This type of "reduce spot + retain high-leverage contracts" combination simultaneously releases spot risks while sustaining directional bets, which is essentially about conducting long-short hedging and risk redistribution within the platform.

Under this structure, the following variables deserve continuous monitoring:

● First, further changes to Hyperliquid whale long and short positions. Glassnode currently provides only a snapshot of "longs accumulating over the past two months"; if in the future long positions decrease and the balance shifts to short, or if large holders like 0x58bro increase high-leverage shorts, it would directly change the risk tendencies within the platform.
● Second, whether the daily liquidation amounts amplify again. This time, the total liquidation of 171 million USD over 24 hours involved 82,120 traders being forcibly liquidated, and if similar or larger-scale forced liquidations cluster on this platform again, it would indicate that the vulnerabilities of its high-leverage fund pool remain frequently exposed.
● Third, whether the gap in fee revenues narrows again between Hyperliquid and Ethereum. Currently, Ethereum stands at about 2.7 million USD and Hyperliquid at about 1.7 million USD—a snapshot on the day of mutual long and short explosions; if this gap continues to close under similar volatile conditions in the future, there would be grounds to discuss the possibility of "restructuring in terms of scale" for Hyperliquid within the derivatives segment.

It is important to emphasize that the data used in this article primarily focuses on the period from April 23 to 24, 2026, which is a very short time window. In the absence of longer time series, both "structural migration of funds to Hyperliquid" and "restructuring of the derivatives market pattern" can only be treated as work hypotheses needing further validation, rather than conclusions that have already occurred. What truly needs to be done is to treat the current round of 171 million USD mutual liquidations, whale long accumulations, high-leverage shorts' perseverance, and the fee difference of 2.7 million versus 1.7 million as a set of starting data points: Starting from this point, continuously tracking how the leverage structure on Hyperliquid evolves may provide more definitive answers regarding its new position within the entire derivatives market at some future time.

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