AMON HENthe Seat of Seeing · Hyperliquid
The Two Towers · behavior

Winners and losers, side by side

In the last 24 hours the losers moved 499 times, the winners 1. Over 24 hours, the winners sold a net $7.10M of BTC; the losers sold a net $4.48M of HYPE.

BTC, ETH, SOL and HYPE · the Captains every five minutes, the Host every thirty · last collection 11-15 11:13:00 UTC · panel watched since 09-23 14:34:11 UTC

Minas Tirith · net flow 24h

-$10.01M1 net buyers · 2 net sellersThe winners, all four assets

Minas Morgul · net flow 24h

-$2.71M15 net buyers · 5 net sellersThe losers, all four assets

Moves in 24 hours

1 · 499winners · losersExecutions detected, grouped by order

Seen over 24h

52 / 6464 accounts enrolledComplete execution coverage in the window
Narrow the watchAll four assets24h windowBoth towersAll sizesAddress 0x21eaae…9352
Reset
I · The Duel

Who buys, who sells among the Captains

Sixty-odd captains, watched trade by trade. Same assets, same window, same capital range: the winners on the left, the losers on the right. The middle shows what the price did meanwhile.

Window1h4h24hAll capital ranges
Minas Tiriththe winners
price 24h
Minas Morgulthe losers
-$7.10M1 buying · 1 selling26/32 seen
BTC-2.94 %
+$442.4k5 buying · 1 selling26/32 seen
$00 buying · 0 selling26/32 seen
ETH-4.29 %
+$1.20M6 buying · 1 selling26/32 seen
$00 buying · 0 selling26/32 seen
SOL-4.96 %
+$126.9k3 buying · 1 selling26/32 seen
-$2.91M0 buying · 1 selling26/32 seen
HYPE-1.32 %
-$4.48M1 buying · 2 selling26/32 seen
How to read this

Net buying includes short covering; net selling includes new shorts. Flows are signed quantity changes valued at one current reference price, and only accounts observed throughout the window count. A missing or incomplete observation never counts as an exit.

Winners had positive 7-day and 30-day PnL when they joined the panel, losers negative on both. These labels describe selection, not skill or current profitability.

II · The Pelennor fields

The Host: the same question, asked of thousands

6,000 accounts drawn from the leaderboard by the Captains' own rules, each read every thirty minutes. Too many to follow trade by trade: a flow here is the change of a position from one read to the next.

The winning host2,512 accounts · 4.17x
price 24h
The losing host3,488 accounts · 4.51x
+$301.59M358 buying · 177 selling2544/2512 seen
BTC-2.94 %
-$132.82M451 buying · 407 selling3544/3488 seen
+$114.67M228 buying · 106 selling2544/2512 seen
ETH-4.29 %
-$86.44M196 buying · 211 selling3544/3488 seen
-$9.21M112 buying · 75 selling2544/2512 seen
SOL-4.96 %
+$25.08M136 buying · 112 selling3544/3488 seen
+$51.39M274 buying · 187 selling2544/2512 seen
HYPE-1.32 %
-$53.43M375 buying · 379 selling3544/3488 seen

All capital ranges

Where the Host stands, last sweep

Each bar is the share of the accounts holding the asset that are long; the tick marks one half. The winning host carries 4.17x its equity in open positions, the losing host 4.51x. A position is not a gain.

BTC

  • Winning host28 % long
    net -$448.54M · 638 of 2,512 in a position
  • Losing host88 % long
    net +$425.81M · 871 of 3,488 in a position

ETH

  • Winning host22 % long
    net -$327.01M · 447 of 2,512 in a position
  • Losing host85 % long
    net +$282.87M · 441 of 3,488 in a position

SOL

  • Winning host18 % long
    net -$109.03M · 273 of 2,512 in a position
  • Losing host80 % long
    net +$89.36M · 270 of 3,488 in a position

HYPE

  • Winning host21 % long
    net -$367.85M · 675 of 2,512 in a position
  • Losing host91 % long
    net +$331.55M · 766 of 3,488 in a position

The Host over seven days

Long share of the accounts in a position, and net flow by four-hour slices, for each camp.
BTC · long share, every two hours
BTC · net flow, every four hours
ETH · long share, every two hours
ETH · net flow, every four hours
SOL · long share, every two hours
SOL · net flow, every four hours
HYPE · long share, every two hours
HYPE · net flow, every four hours

The Host by capital, over 24h

Size is the account's equity when the Host was last drawn.
BTC$10k–100kTirith569/5378940+$8.39M
BTC$10k–100kMorgul1,204/1,156154171-$26.01M
BTC$100k–1MTirith1,518/1,51820693+$37.06M
BTC$100k–1MMorgul1,990/1,990248190-$7.43M
BTC$1M–10MTirith392/3925235+$230.15M
BTC$1M–10MMorgul316/3104543-$70.71M
BTC$10M+Tirith65/65119+$25.99M
BTC$10M+Morgul34/3243-$28.68M
ETH$10k–100kTirith569/5374826+$1.34M
ETH$10k–100kMorgul1,204/1,1566074-$3.84M
ETH$100k–1MTirith1,518/1,51813253+$14.81M
ETH$100k–1MMorgul1,990/1,990108110-$2.32M
ETH$1M–10MTirith392/3924022+$48.75M
ETH$1M–10MMorgul316/3102425-$37.24M
ETH$10M+Tirith65/6585+$49.77M
ETH$10M+Morgul34/3242-$43.05M
SOL$10k–100kTirith569/5372914+$213.2k
SOL$10k–100kMorgul1,204/1,1563745+$6.09M
SOL$100k–1MTirith1,518/1,5186535+$1.48M
SOL$100k–1MMorgul1,990/1,9907852-$5.84M
SOL$1M–10MTirith392/3921218-$7.61M
SOL$1M–10MMorgul316/3101715-$2.73M
SOL$10M+Tirith65/6568-$3.29M
SOL$10M+Morgul34/3240+$27.56M
HYPE$10k–100kTirith569/5375534+$459.8k
HYPE$10k–100kMorgul1,204/1,156138140-$5.27M
HYPE$100k–1MTirith1,518/1,518159115+$4.70M
HYPE$100k–1MMorgul1,990/1,990195197-$27.23M
HYPE$1M–10MTirith392/3924828+$18.93M
HYPE$1M–10MMorgul316/3103840-$27.35M
HYPE$10M+Tirith65/651210+$27.29M
HYPE$10M+Morgul34/3242+$6.41M
How to read this

The Host is every leaderboard account the Captains' rules would admit: at least $10k, 7-day and 30-day PnL of the same sign, some volume over 30 days. It is drawn again every day, so its winners are today's winners. Up to 6,000 accounts, the largest first.

Each account is read by its open positions every thirty minutes. A flow is the change between two reads less than two hours apart, valued at the price of the second read: a position opened and closed between two reads is not seen, a liquidation counts as a sale. Per account, the changes over the window are netted first; buyers and sellers are counted by that net.

III · The Ramparts

Winners and losers, by account size

Each tower has four levels, from the small accounts to the ten-million ones. Compare a floor with the same floor across the valley.

Net flows over 24h, by capital at entry

Only accounts observed throughout the window. Empty strata are not filled with accounts from another range.
BTC$10k–100kTirith7/810+$3.9k100.0 %0
BTC$10k–100kMorgul7/800$0—0
BTC$100k–1MTirith6/800$0—0
BTC$100k–1MMorgul6/811-$53.4k72.7 %0
BTC$1M–10MTirith6/800$0—0
BTC$1M–10MMorgul6/830+$474.6k68.8 %0
BTC$10M+Tirith7/801-$7.11M100.0 %0
BTC$10M+Morgul7/810+$21.2k100.0 %0
ETH$10k–100kTirith7/800$0—0
ETH$10k–100kMorgul7/810+$4.8k100.0 %0
ETH$100k–1MTirith6/800$0—0
ETH$100k–1MMorgul6/811-$70.6k96.8 %0
ETH$1M–10MTirith6/800$0—0
ETH$1M–10MMorgul6/830+$1.19M77.1 %2
ETH$10M+Tirith7/800$0—0
ETH$10M+Morgul7/810+$77.6k100.0 %0
SOL$10k–100kTirith7/800$0—0
SOL$10k–100kMorgul7/810+$4.7k100.0 %1
SOL$100k–1MTirith6/800$0—0
SOL$100k–1MMorgul6/800$0—0
SOL$1M–10MTirith6/800$0—0
SOL$1M–10MMorgul6/811+$104.9k96.4 %1
SOL$10M+Tirith7/800$0—0
SOL$10M+Morgul7/810+$17.3k100.0 %0
HYPE$10k–100kTirith7/800$0—0
HYPE$10k–100kMorgul7/800$0—0
HYPE$100k–1MTirith6/800$0—0
HYPE$100k–1MMorgul6/801-$86.5k100.0 %0
HYPE$1M–10MTirith6/800$0—1
HYPE$1M–10MMorgul6/811-$4.40M99.9 %1
HYPE$10M+Tirith7/801-$2.91M100.0 %0
HYPE$10M+Morgul7/800$0—0
How to read this

The largest contributor is the largest absolute account change divided by the sum of absolute changes: near 100 % means one account makes the whole flow. One address is not necessarily one independent trader.

IV · The Watch

Every move, as it was seen

1 moves in the last 24 hours match the filters, out of 2,106 collected in 24 hours. A sentinel on each rampart, every five minutes.

The journal of moves

Executions of one order are grouped within a collection; a round trip remains visible. Liquidations are marked.
11-15 01:38:000x21eaae…9352Morgul$1M–10MBTC · Add long5 → 6.25$78.0kWithin range1.1× median0 %+3.75%+3.85%pending
How to read this

Unusual means a size above twice the account’s median and its 95th percentile, relative to current equity, for this asset; it needs at least 20 earlier events spanning seven days. Forced liquidations are labelled and never flagged as unusual. Price changes start at detection, exclude trading costs and do not establish predictive value.

V · The Garrison

The Captains, one by one

64 accounts, eight per floor and per tower, chosen once and followed whatever becomes of them.

Who stands in each tower

Up to eight accounts in each of eight strata, evenly spaced by equity rank among active leaderboard accounts. Mixed results and equity below $10k are excluded.
0x21eaae…9352Morgul$1M–10M$1.06M-$273.3k-$170.6kObserved11-15 11:13:00
How to read this

Membership, performance labels and size bands are frozen at admission: an account that later loses money or changes size stays where it was placed. These historical labels do not capture hedges or activity on other platforms.

VI · The Measure

What the price did next

Every move is followed by the price one hour, four hours and a day later. No score is published: the ledger is kept until it can be judged fairly.

After 1 hour14,085moves measured · 1,017 asset/time buckets
After 4 hours14,241moves measured · 461 asset/time buckets
After 24 hours12,140moves measured · 108 asset/time buckets

Completed 24-hour observations

The latest 100 moves with a measured 24h outcome, older than the journal window included. Asset, tower, size, address and amount filters apply.
11-14 07:48:000x21eaae…9352Morgul · $1M–10MBTC · Open long+0.09%+0.29%-4.76%
11-14 07:48:000x21eaae…9352Morgul · $1M–10MBTC · Add long+0.09%+0.29%-4.76%
How to read this

A measurement is left blank when its target time is missed by more than ten minutes. Buckets reduce repeated counting but are not independent trials. A future evaluation must compare the towers within the same asset, capital range and market regime, on unseen periods. Read the method.