In the past 24 hours, the leveraged market has experienced a collective setback again. According to CoinGlass data, as of April 24, the total liquidation amount in the entire market has reached $171 million, of which long positions accounted for approximately $101 million and short positions approximately $70.44 million, with a total of 82,120 accounts being liquidated. Most notably, the largest single liquidation in this round occurred in the BTC-USD trading pair on Hyperliquid, with a liquidation value of about $3.5809 million, putting this emerging derivatives platform in the spotlight.

Simultaneously with this scene was the silent restructuring of position structures over the past two months. Glassnode pointed out that the giant whale long positions on Hyperliquid have been continuously increasing, as these large perpetual contract traders have been betting on a breakout of the range, sending very clear bullish signals. In contrast, the whale address 0x58bro chose a very different path: holding a 25x short position in ETH and a 40x short position in BTC on Hyperliquid, currently with total profits of approximately $33 million, providing a typical sample of high-leverage short positions on the platform.

On one side are the giant whales continuously increasing their long positions, and on the other side are the high-leverage shorts that have already recorded significant profits. Both sides are confronting each other on the same platform, indicating that Hyperliquid has evolved into a key battleground for high-leverage speculation. Under such intense leveraged hedges, price fluctuations are further magnified in the short term, and the risk of a liquidation chain reaction is significantly raised.

Both Long and Short Liquidations: $171 Million Liquidation Wave

Against the backdrop of high-leverage confrontation, approximately $171 million worth of liquidations occurred in the entire market over the past 24 hours, with long positions about $101 million and short positions approximately $70.44 million (source: CoinGlass). Both longs and shorts experienced significant forced liquidations, presenting a typical scenario of double liquidation: the previously bullish leveraged structure was concentrated and liquidated during the market correction, while the subsequent price rebound dragged some of the bets on downward movement into the liquidation chain.

From the perspective of asset distribution, the current round of leveraged funds still revolves around mainstream assets. CoinGlass data shows that BTC had a liquidation amount of approximately $2.0702 million, and ETH faced a liquidation of about $1.7111 million. Although the absolute amounts aren't exaggerated in relation to the overall market, it can be seen that the risk exposure from leveraged trading is still primarily concentrated on the most liquid assets such as BTC and ETH.

More notably, this liquidation wave involved as many as 82,120 accounts (also from CoinGlass statistics), indicating that leveraged tools are widely used by both professional traders and small to medium-sized accounts. Once the market experiences unexpected fluctuations, liquidations can quickly evolve from concentrated liquidations in a particular direction to a chain reaction across multiple assets and directions.

Among this data, Hyperliquid stands out prominently. In the past 24 hours, the largest single liquidation in the entire network occurred in the BTC-USD trading pair on Hyperliquid, with a liquidation value of about $3.5809 million. The scale of one position being forcibly liquidated has reached several million dollars, meaning that some accounts on Hyperliquid are carrying extremely high leveraged exposure on a single asset, with liquidation risks highly concentrated. Once triggered, it would be enough to amplify the instantaneous volatility of prices on the platform and related assets.

Giant Whales Buying for Two Months: Bulls Holding Tight

In contrast to the multi-million dollar liquidations, glassnode pointed out that giant accounts on Hyperliquid have chosen to "hold the long position firmly" over the past two months: long positions have been steadily increasing, focusing on the strategy of "betting on breakout ranges" — that is, actively increasing longs when the price breaks through established range, rather than passively following the trend.

According to statistics released by glassnode on April 24, these giant long positions are not short-term volume spikes; rather, they have steadily expanded their leveraged exposure over a two-month period, reflecting a significantly concentrated bullish sentiment among large perpetual contract traders. Several media outlets, including TechFlow, Odaily Planet Daily, and Foresight News, echoed this viewpoint on the same day, indirectly confirming that the behavior of large accounts “buying long for the long term” has become an observable market phenomenon.

From a risk appetite perspective, the continuous increase in long positions and focus on breakout ranges indicates that this group of funds is willing to actively bear the risk of "failed peaks" at the upper end of the volatility range to gain higher leveraged exposure to future price increases. This strategy is usually based on two assumptions: first, the medium to long-term trend still favors upward movement, and second, short-term pullbacks and sharp fluctuations can be buffered by margin and ultimately covered by trending profits.

However, in the current environment where total long and short liquidations amount to $171 million, with long liquidations at $101 million and short liquidations at $70.44 million, this "two months of continuous buying" long position layout is inevitably exposed to violent fluctuations. Even if it has not yet reached the forced liquidation line, as long as the price oscillates back and forth within the range, the floating losses and margin utilization of high-leverage longs will quickly magnify, bringing substantial net value retracement pressure.

It is important to emphasize that current data indicate that on Hyperliquid, the giant long positions continue to increase amid a high volatility and high liquidation market environment. Whether these longs will be forced to reduce positions in the next round of fluctuations or continue to increase their bets remains to be seen, as there is currently a lack of sufficient on-chain and account-level evidence, and related conclusions can only be validated with subsequent data.

New Wallet Loading Up on APE, Old Whale Sticking to Shorts

In contrast to the pace of giant long positions "slowly accumulating" over the past two months, the entry of the newly created wallet 0x0b8a appears to be a typical aggressive bet. According to Lookonchain's monitoring at 21:54 on April 24, this new address directly sold 75 ETH on Hyperliquid, cashing out about $174,000, and used this amount as margin to quickly switch to high-leverage long positions in a single asset.

Shortly thereafter, 0x0b8a opened a 5x leverage long position on Hyperliquid, buying approximately 9.19 million APE, corresponding to a nominal position size of about $1.03 million. That is to say, with approximately $174,000 in actual capital, it has leveraged a long exposure of over one million dollars in APE, which is a typical play of "using moderately sized capital to amplify fluctuations in a single asset": as long as the price experiences a certain degree of fluctuation, it is enough to magnify into significant floating profits or losses at the account level.

From an on-chain perspective, this new funding, betting on approximately 9.19 million APE with 5x leverage, appears more like a short-term trading mindset — capitalizing on the volatility of a single token rather than building a multi-asset portfolio. Considering that this address is a newly created wallet, lacking prior behavioral samples, this direct path of "selling spot ETH + taking high leverage long on APE" at least appears on-chain as a high-certainty directional bet, with its trading cycle and risk tolerance likely more inclined toward short-term speculation.

In stark contrast is the operation path of the established whale 0x58bro. Onchainlens disclosed that around April 23, this address cumulatively deposited 3,811 ETH to Binance (of which 2,791 ETH was in the past 24 hours), with a total value of about $9.03 million, leaving just 0.5 ETH remaining on-chain. According to Golden Finance's report, at the same time, this whale still maintains a 25x leveraged short position in ETH and a 40x leveraged short position in BTC on Hyperliquid, with total accumulated profits of about $33 million. On the surface, 0x58bro appears to have transferred substantial spot holdings to centralized trading platforms, obviously "lightening its asset load" while instead retaining and even strengthening high-leverage short positions in derivatives.

Structurally, on one side is a new wallet heavily betting on a long APE position with 5x leverage, while on the other side is an old whale maintaining significantly profitable short positions via 25x ETH shorts and 40x BTC shorts. Their directions are not only opposite, but also their assets and styles are entirely different: the former focuses on betting on the volatility of a single token, while the latter amplifies directional shorts on mainstream assets like BTC and ETH. It is important to note that these two types of positions may not directly be opposing positions at the matching layer, yet they both point to one fact: Hyperliquid is simultaneously accommodating the dual demand for high-leverage longs and high-leverage shorts, with funds of different risk appetites and time horizons converging to create a more complex long-short structure on the same platform.

Ethereum Fees Outpacing Hyperliquid

Returning from individual leveraged positions to overall data, the most direct reflection of on-chain and platform activity is the transaction fee revenue over the past 24 hours. According to Artemis data, which was quoted by Odaily Planet Daily around 16:02 on April 24, the Ethereum network generated approximately $2.7 million in fee revenue during this statistical period, while Hyperliquid earned about $1.7 million in fees, with Ethereum surpassing Hyperliquid by nearly $1 million, indicating a clear advantage.

The $2.7 million daily fee illustrates that the core trading and application interaction demands on the Ethereum mainnet remain robust: even amidst dramatic market fluctuations and significant capital moving towards the contract market, Ethereum still stands out with a higher frequency of on-chain usage, firmly maintaining “fee head” status during this round of volatility. This also implies that in the same market sentiment, the Ethereum mainnet carries a heavier settlement and interaction load, and has relatively stronger support for its security budget and ecological activity.

At the same time, the $1.7 million in fees contributed by Hyperliquid within 24 hours is also significant. For a contract platform, this level of daily fee scale has already reached a point that necessitates independent statistical reporting in leading data services like Artemis and industry media like Planet Daily. In other words, even if it still lags behind in "absolute value" comparisons with the Ethereum mainnet, the activity level of contract trading on Hyperliquid has risen to a degree that requires separate monitoring, reporting, and analysis, which combined with the previously seen high-leverage long and short positions contributes to the rapidly expanding risk and reward structure behind the current round of $171 million liquidation wave.

Next Round of Fluctuations, Focus on Three Clues

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