Daily Whale Report: July 25, 2026
Flow concentrated in BTC. Over the last 24 hours, the wallets we track on Hyperliquid moved $29.5M in trades of $50,000 or larger, and 7% of that went into tokenized-stock perps. That ran roughly 83% below the seven-day average, a lighter day than usual.
The tape
Start with the wider board the whales were trading into. Bitcoin held about flat near $64.4K, Ethereum rose 1% to around $1.9K, Solana rose 1% to around $74, and the tokenized S&P 500 held about flat near $7.4K. As it stands now, funding on Bitcoin is positive, meaning longs are the side paying to hold.
The day in numbers
| Metric | Value |
|---|---|
| Total tracked flow | $29.5M |
| Buy / Sell | 70% / 30% |
| Tokenized-stock share | 7% |
| Active markets | 10 |
| Busiest markets | BTC $13.7M, ETH $12.3M, SOL $856,462, SP500 $820,557, HYPE $610,692 |
What moved instead
The equity market was closed for the weekend, but these perps never stop — they trade around the clock on Hyperliquid, so any weekend move is pure positioning ahead of Monday's open, with no cash market underneath to anchor it. This weekend the tokenized names stayed quiet, $2.0M of flow against $244.2M the day before — most desks that trade them waited for the bell. What did trade was mostly crypto. The single largest trade was $989K into BTC. Flow ran 70% to the buy side, concentrated in BTC.
The standout performer
Hidden Spread came into the day with one of the stronger recent records on our list: up 27% over the past week on a 85% win rate, and 51% over the past month. Today it stayed busy in BTC and ETH. Right now it is holding a $14.2M short in HYPE and a $13.8M short in XRP, live and moving in real time. A run like that is the reason to watch a wallet before it acts, not after — the record is public, and so is the next trade.
What we are watching next
Even on a quiet day, the standing bet is visible: tracked wallets are sitting on a combined $170.6M net short in ETH. That is the position to watch when volume comes back.
The takeaway
None of this is advice to buy or sell. It is a plain record of where the most active money on Hyperliquid actually went today. The wallets are public and the trades are public, and you can watch the same flow update live on the Mirror-X scanner. The same markets these desks trade are live on the Mirror-X terminal.