Bitcoin long positions in 95% loss territory… Hyperliquid unrealized loss $130 million

Hyperliquid's Bitcoin long positions are overwhelmingly underwater, with 95% of BTC longs sitting at a loss and unrealized losses reaching $130 million across 24,920 wallets, according to Mlm Onchain data cited by PANews. Open interest on those longs totals $1.32 billion, representing 67% of all Bitcoin positions on the platform, with an average entry price of $75,565 against a BTC price of $68,588 at the time of the snapshot—9.2% below the average entry. Roughly 40% of long positions were opened above $76,000, a separate metric from the 95% loss ratio. The figures matter because unrealized losses reflect open positions that have not yet been closed, leaving room for further pain or recovery depending on price action. Traders will watch whether BTC reclaims the $75,000–$76,000 band that would pull much of this exposure back toward break-even, or whether continued weakness forces capitulation and realized losses.