Key Notes
- Crypto liquidations fell by more than 50% as the market consolidated.
- Top whales on Hyperliquid are taking a U-turn on their bearish stance amid Strategy’s latest buy.
- Most of the whales that have profited so far have a bearish bias.
Leading whales on the perpetual exchange, Hyperliquid, have been shifting their stance from very bearish just a week ago to slightly bearish at the moment.
According to data from CoinGlass, the gap between bullish and bearish Hyperliquid wallets, worth $1 million to $50 million and beyond, has been closing down. The cumulative volume for these whales, betting on longs, reaches $2.14 billion, while the addresses targeting shorts sit at $2.43 billion.
On the other hand, smaller wallets, surpassing 300,000 addresses in total, have been strongly bullish.
The shift in whale sentiment could trigger higher volatility within the crypto market due to their strong influence on token prices, especially smaller altcoins.
According to an X post by Lookonchain, Bitcoin BTC $90 262 24h volatility: 2.0% Market cap: $1.80 T Vol. 24h: $44.68 B whale “1011short” just increased their Ethereum ETH $3 106 24h volatility: 1.7% Market cap: $374.63 B Vol. 24h: $22.38 B long position to 67,103 ETH, currently worth roughly $210 million.
This #BitcoinOG (1011short) just ramped up his $ETH long to 67,103.68 $ETH ($209.8M).
He's now sitting on over $4M in unrealized profit, with a liquidation price at $2,069.49. https://t.co/pyezYFp3rT pic.twitter.com/EGVDusuT6B
— Lookonchain (@lookonchain) December 9, 2025
The whale is currently sitting on an unrealized profit of over $4 million as the leading altcoin rose from its local low of around $3,080.
Will the Crypto Market Boost?
The crypto market has been wandering in bearish conditions since the Oct. 10 selloff and liquidation.
Despite Bitcoin’s recovery from its local low of $80,000, the asset is still trading 29% below its all-time high, constantly moving above and below the $90,000 mark.
However, Bitcoin’s recent break above $92,000 has been called a “good sign” by the analysts.
The leading Bitcoin treasury company, Strategy, also purchased 10,624 BTC on Dec. 8, while the broader crypto market witnessed bearish consolidation. Moreover, on Dec. 6, the company’s CEO Phong Lee also assured that Strategy will not sell its BTC holdings until 2065.
Strategy’s massive BTC purchase and the shift in whale sentiment have cooled down the bearish sentiment in the market. According to Coinglass, the total crypto liquidations decreased by 57% to $208 million.
Lower liquidations usually hint at less speculation, which would consequently mean that traders are waiting for macro catalysts, the upcoming US CPI report, which is scheduled for Dec. 10, for example.
The US inflation has consistently risen between July and September, and the October report wasn’t released due to the US government shutdown . If the CPI shows signs of a cooldown from September’s 3%, financial markets could finally see a boost and vice versa.
