According to @glassnode, whales on Hyperliquid turned net-long as price fell from $90K into the low-$80K range, marking the longest sustained long positioning in months (source: @glassnode, Nov 26, 2025). According to @glassnode, that positioning has since unwound, with exposure rotating to modestly net-short, indicating shallow conviction among large traders on the venue (source: @glassnode). According to @glassnode, the shift from prolonged net-long to modest net-short signals fading whale support on Hyperliquid and a weaker near-term conviction profile for dip-buying flows (source: @glassnode).