Recently, I’ve been monitoring Hyperliquid’s position data and found some interesting insights.

The platform’s total holdings have now surged to $7.73 billion, with a mysterious large holder account for nearly 8%(, specifically 7.94%). More importantly, since December 7th, when this "insider player" started accumulating positions, the overall platform’s growth rate has significantly accelerated — it seems quite a few people are copying.

Looking at the longer timeframe, the holdings have been steadily rising over the past week, already reaching the high point from November 20th. Tracing further back, after the market bottomed out in that phase on November 21st, leverage has been increasing nonstop, and the holding curve has basically been tracking the candlestick chart.

Is this move by smart money positioning, or is retail FOMO sentiment fermenting? The data is right here, everyone can interpret it themselves.