Notable activity has been recorded among Hyperliquid’s “money printers” — those with profit and loss above $1 million — according to CoinGlass. Two traders have consolidated short positions in XRP totaling more than $5.4 million. They demonstrate different approaches to risk management but share a unified view on the token’s outlook.
On-Chain Data Reveals Polar Positions
On-chain data provides insight into the logic behind these trades. At the moment, two polar positions stand out on the platform. Hyperliquid whales appear to be signaling a $1.29 billion market-wide hedge, which is unusual but not unprecedented.
The situation with XRP reflects broader sentiment among the largest wallets on Hyperliquid. Total short positions in the “Money Printer” category currently stand at $1.29 billion. That figure significantly exceeds long positions, which sit at $910 million. It suggests a cautious or bearish tilt among the platform’s most successful traders.
XRP Open Interest Tops $38 Million
XRP firmly holds a place in the top 10 assets by open interest on Hyperliquid, with a total of $38.79 million among these elite traders. The bias toward shorts is clear: $15.72 million in longs versus $23.07 million in shorts. That disparity could indicate risk hedging, or perhaps it represents a direct institutional bet on a correction after the spring rally of 2026.
Despite the presence of multi-million dollar shorts, XRP does not appear overheated in terms of immediate squeeze risk. That allows bears to maintain their positions without fear of sudden forced closures on minor price fluctuations. The top XRP holder, who is sitting on roughly 1,500% unrealized profit, has not exited yet — which suggests confidence in the trade’s continued viability.
