Crypto
Whale Shorts HYPE and Solana Despite Growing ETF Inflows
A major crypto whale is betting against HYPE and SOL, while rising ETF inflows and bullish market indicators point to continued strength.
55m ago 4,280
BLOCKINSIDERLoadingA major crypto whale is betting against HYPE and SOL, while rising ETF inflows and bullish market indicators point to continued strength.
In the past week, Hyperliquid (HYPE) and Solana (SOL) registered notable price jumps of over 11.80% and 9.95% respectively. Despite an impressive recovery, a crypto whale appears to hold a bearish view on these top altcoins.
A crypto transaction tracker, Onchain Lens, recently shared a post on X, noting, “One of Hyperliquid’s most profitable wallets, linked to Abraxas Capital (+$173.75 million lifetime PnL), has open positions of $35.92 million, where 98.50% is on the short side.”
As per the shared post, the largest short bet recorded on HYPE, worth $20.51 million with 5x leverage, now has a floating loss of $3.95 million. Whereas the wallet also holds a short bet of $6.76 million on SOL with 10x leverage, now has a floating loss of $72,000.
Despite notable short bets, both altcoin prices remain unaffected, as recorded on CoinMarketCap. As per the latest data, HYPE climbed 2.25% over the past 24 hours and was trading at $70.30. Meanwhile, during the same period, SOL also recorded a modest 0.22% gain, pushing its price to the $80.15 level.
Now the question is whether the broader market sentiment for HYPE and SOL remains bearish? And what’s next for these altcoins? Will they maintain the upward momentum, or is a fall on the horizon?
From the on-chain perspective, it appears that Wall Street investors have a strong interest in these altcoins.
Data form crypto analytics platform SoSoValue revealed that on July 6, 2026, U.S. spot HYPE Exchange-Traded Funds (ETFs) have recorded an inflow of $2.24 million, whereas spot Solana ETFs recorded an inflow of $2.20 million. These notable inflows hint that institutions remain bullish on these top altcoins.
Additionally, derivative data further reinforces the bullish view on these altcoins. Data from Coinglass, a crypto analytics platform, showed that HYPE-OI weighted funding rate remains positive and stood at +0.0076%, whereas SOL OI-weighted funding rate also remained positive and stood at +0.0062%, indicating longs are paying shorts.
According to the TradingView daily chart, HYPE’s short-term bias appears bearish, as the price got rejected from $72, a key resistance level since June 18, 2026.
In the past, it has been recorded that whenever the price comes near this level, it has witnessed selling pressure and a price dip.
Based on the current price action, if HYPE remains below the $72 level, it could see a potential downside move. In that case, the next support could be at the ascending trendline or near the $60 level.
However, this bearish thesis would not hold water if HYPE clears the $72 hurdle and closes the daily candle above it. If this happens, the asset might reach an all-time high level and may form a new high as well.
Despite price getting rejected from the key hurdle, it remains above the 200-day Exponential Moving Average (EMA), which suggests the asset's broader trend remains bullish, and bulls are in control.
While the daily chart of SOL shows signs of recovery after reclaiming the major support at $76, which it lost on June 2, 2026, the price seems to be experiencing a correction.
Based on the current price action, if the SOL price remains above the $76 level, its short-term bias remains bullish and may reach the next resistance of the $96 level in the coming days.
On the other hand, if the asset falls below the $76 level, it could see a massive downside move in the coming days.
Besides short-term price recovery, SOL remains below the 200-day EMA, indicating a broader bearish trend and sellers in control.
Despite Abraxas Capital's massive short bet on HYPE and SOL, ETF inflows, derivative datasets, and price action continue to support a bullish outlook for both altcoins.
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