According to on-chain data monitoring, the recent movements of the whale camp on Hyperliquid are quite interesting. Currently, the total holdings have reached $6.437 billion, with the long and short forces nearly evenly matched — longs hold $3.11 billion, accounting for 48.31%; shorts hold $3.327 billion, accounting for 51.69%. This indicates that large investors are not unified in their outlook under the current market conditions.

In terms of profit and loss, the short camp is temporarily in the lead. Long positions are floating a loss of $163 million, while short positions are floating a profit of $240 million. Market sentiment leans towards bearishness, which is also reflected in the position structure.

However, one large investor's operation is quite aggressive. Address 0xb317..ae decisively opened a 5x leveraged long position on ETH at a price of $3,147.39, indicating that this whale still has some expectations for Ethereum's future. But so far, it hasn't been smooth sailing; unrealized losses have already accumulated to $11.467 million. Such high-leverage operations carry significant risks in volatile markets, and it’s worth paying attention to the subsequent developments.