Bitcoin whales have significantly increased their bearish bets, building a $74 million short position on the Hyperliquid platform. This move comes as broader crypto momentum weakens, with traders becoming more defensive amid larger speculative wallets reducing altcoin risk. A notable trader, Evaded, closed long positions in Hyperliquid and Zcash worth approximately $2.85 million and $2.36 million, respectively, while absorbing $591,000 in Ethereum losses before shifting to a 15x leveraged Bitcoin short. The short position expanded to nearly 990 BTC, valued at approximately $74.84 million, with unrealized profits exceeding $783,000. This shift reflects smart-money traders preparing for higher volatility and potential downside in the crypto markets. As bearish leverage grows, Bitcoin's market structure remains defensive, with increased short exposure across major exchanges. Despite weakening spot demand, derivatives activity remains high, indicating a market driven by leverage rather than spot convictions. The current setup suggests potential for sharp market movements as leverage conditions evolve.