<p>在一个月前被拒绝于 50 美元后，Hyperliquid [HYPE] 继续在一个下降通道内交易，最低达到 22 美元。截至发稿时，HYPE 的价格为 23.2 美元，日内上涨 1.24%，但一周内下跌 17.7%。</p>
<p>这种持续的下行趋势导致 HYPE 交易者，特别是在期货市场上，遭受了重大损失。</p>
<h2><strong>Hyperliquid 鲸鱼面临 2250 万美元的损失！</strong></h2>
<p>尽管 HYPE 在价格图表上挣扎，但投资者，尤其是鲸鱼，主导了期货市场。CryptoQuant 的期货平均订单大小数据显示，鲸鱼订单连续两个月出现。</p>
<p>这种订单的持续出现表明参与者增加，可能是在进行空头或多头头寸。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hyperliquid-Futures-Average-Order-Size.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2560" height="1440" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hyperliquid-Futures-Average-Order-Size.png"/></p>
<p>来源：CryptoQuant</p>
<p>根据 Lookonchain 的数据，一只鲸鱼在 207,497 HYPE 上开了一个 10 倍的多头头寸，价值 472 万美元，平仓价格设定为 13.68 美元。</p>
<p>与此同时，Onchain Lens 报告了另一只鲸鱼，其 5 倍的多头头寸已经出现亏损，浮动亏损超过 2250 万美元。尽管面临压力，这只鲸鱼仍然继续持有，平仓价接近 20.66 美元。</p>
<p>这种行为通常反映出对潜在市场反转的强烈信念和信心，因为鲸鱼在短期内承受痛苦，希望获得未来的重大收益。</p>
<h2><strong>平仓率激增</strong></h2>
<p>如上所述，鲸鱼们一直在积极押注价格反弹。然而，这并不是个别情况，因为大多数参与者都采取了多头头寸。</p>
<p>根据 CoinGlass 的数据，Hyperliquid 的多空比在发稿时跃升至 1.03，其中 50.81% 为多头，49% 为空头。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hype-longs.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1600" height="477" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hype-longs.jpeg"/></p>
<p>来源：CoinGlass</p>
<p>因此，大多数市场参与者持看涨态度，预计价格将再次上涨。可悲的是，这些情绪继续导致更多的多头头寸被平仓。</p>
<p>事实上，在 12 月 18 日至 19 日之间，超过 7000 万美元的多头头寸被平仓。在同一时期，仅有 54 万美元的空头头寸被平仓。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/hype-liquidation.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1852" height="525" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/hype-liquidation.png"/></p>
<p>来源：CoinGlass</p>
<p>这种市场状况表明，看涨杠杆正在被消除，因为市场波动向下。</p>
<h2><strong>HYPE 空头主导市场</strong></h2>
<p>尽管鲸鱼对多头的需求，但空头压力压倒了市场，导致大多数多头头寸被平仓。因此，看涨杠杆未能推动市场，使其面临进一步损失的边缘。</p>
<p>在撰写时，Hyperliquid 的相对强弱指数（RSI）处于超卖区域，值为 29，表明卖方主导。</p>
<p>同样，该山寨币的价格低于短期移动平均线（MA），MA9 和 MA21，反映出强烈的短期空头压力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hype-rsi.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1390" height="644" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hype-rsi.jpeg"/></p>
<p>来源：TradingView</p>
<p>当前市场状况表明强烈的下行动能和持续疲软的高概率。</p>
<p>如果这种趋势持续，HYPE 可能会跌破 22 美元的支撑位，向 20 美元下跌，可能触发鲸鱼平仓。</p>
<p>另一方面，看涨反转需要在 26 美元的 MA9 和 29 美元的 MA21 上方有明确的收盘。只有这样，市场前景才能转向买方有利。</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>Hyperliquid 鲸鱼面临 2200 万美元的浮动损失，随着多头平仓激增至 7000 万美元。</em></li>
<li><em>HYPE 面临强烈的空头压力，如果多头未能翻转 MA9 和 MA21，可能会跌至 20 美元。</em></li>
</ul>

BLSH

<p>Hyperliquid (HYPE) 一直在一个下降通道内交易，最低达到 $22。目前，HYPE 的价格为 $23.2，日内上涨 1.24%，但一周内下跌 17.7%。鲸鱼们积极押注价格反弹，但看跌压力导致了显著的损失和清算。相对强弱指数（RSI）显示卖方占主导地位，如果这种趋势持续，HYPE 可能会跌至 $20，可能触发鲸鱼的清算。要实现看涨反转，需要在 $26 的 MA9 和 $29 的 MA21 之上有明确的收盘</p>

<p>After being rejected at $50 a month ago, Hyperliquid [HYPE] has continued to trade within a descending channel, reaching a low of $22. At press time, HYPE was priced at $23.2, up 1.24% on the daily chart but down 17.7% over the week.</p>
<div class="lb-trans"><p>在一个月前被拒绝于 50 美元后，Hyperliquid [HYPE] 继续在一个下降通道内交易，最低达到 22 美元。截至发稿时，HYPE 的价格为 23.2 美元，日内上涨 1.24%，但一周内下跌 17.7%。</p>
</div><p>This sustained downtrend has led to significant losses for HYPE traders, particularly in the futures market.</p>
<div class="lb-trans"><p>这种持续的下行趋势导致 HYPE 交易者，特别是在期货市场上，遭受了重大损失。</p>
</div><h2><strong>Hyperliquid whale sits on a $22.5M loss!</strong></h2>
<div class="lb-trans"><h2><strong>Hyperliquid 鲸鱼面临 2250 万美元的损失！</strong></h2>
</div><p>While HYPE struggled on its price charts, investors, especially whales, have dominated the futures market. Futures Average Order Size data from CryptoQuant showed Big Whale Orders for two consecutive months.</p>
<div class="lb-trans"><p>尽管 HYPE 在价格图表上挣扎，但投资者，尤其是鲸鱼，主导了期货市场。CryptoQuant 的期货平均订单大小数据显示，鲸鱼订单连续两个月出现。</p>
</div><p>A sustained period of such orders indicated increased participation, either taking shorts or long positions.</p>
<div class="lb-trans"><p>这种订单的持续出现表明参与者增加，可能是在进行空头或多头头寸。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hyperliquid-Futures-Average-Order-Size.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Hyperliquid-Futures-Average-Order-Size.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><p>According to Lookonchain, a whale opened a 10x long position on 207,497 HYPE, valued at $4.72 million, with a liquidation price set at $13.68.</p>
<div class="lb-trans"><p>根据 Lookonchain 的数据，一只鲸鱼在 207,497 HYPE 上开了一个 10 倍的多头头寸，价值 472 万美元，平仓价格设定为 13.68 美元。</p>
</div><p>Meanwhile, Onchain Lens reported another whale whose 5x long position has turned into losses, with a floating deficit of more than $22.5 million. Despite the mounting pressure, this whale continues to hold, with liquidation looming at $20.66.</p>
<div class="lb-trans"><p>与此同时，Onchain Lens 报告了另一只鲸鱼，其 5 倍的多头头寸已经出现亏损，浮动亏损超过 2250 万美元。尽管面临压力，这只鲸鱼仍然继续持有，平仓价接近 20.66 美元。</p>
</div><p>Such behavior often reflects strong conviction and confidence in a potential market reversal, as whales endure short‑term pain in hopes of securing significant future gains.</p>
<div class="lb-trans"><p>这种行为通常反映出对潜在市场反转的强烈信念和信心，因为鲸鱼在短期内承受痛苦，希望获得未来的重大收益。</p>
</div><h2><strong>Liquidation rate spikes</strong></h2>
<div class="lb-trans"><h2><strong>平仓率激增</strong></h2>
</div><p>As observed above, whales have been aggressively betting for a price rebound. However, this is not an isolated case, as most participants have taken long positions.</p>
<div class="lb-trans"><p>如上所述，鲸鱼们一直在积极押注价格反弹。然而，这并不是个别情况，因为大多数参与者都采取了多头头寸。</p>
</div><p>According to CoinGlass data, Hyperliquid’s Long Short Ratio jumped to 1.03, at press time, where 50.81% accounted for longs while 49% accounted for short positions.</p>
<div class="lb-trans"><p>根据 CoinGlass 的数据，Hyperliquid 的多空比在发稿时跃升至 1.03，其中 50.81% 为多头，49% 为空头。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hype-longs.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Hype-longs.jpeg"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>来源：CoinGlass</p>
</div><p>Therefore, most market participants are bullish and expect prices to jump again. Sadly, these sentiments have continued to lead to more liquidations of long positions.</p>
<div class="lb-trans"><p>因此，大多数市场参与者持看涨态度，预计价格将再次上涨。可悲的是，这些情绪继续导致更多的多头头寸被平仓。</p>
</div><p>In fact, between the 18th and 19th of December, more than $70 million worth of long positions were liquidated. Over the same period, only $0.54 million worth of short positions were liquidated.</p>
<div class="lb-trans"><p>事实上，在 12 月 18 日至 19 日之间，超过 7000 万美元的多头头寸被平仓。在同一时期，仅有 54 万美元的空头头寸被平仓。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/hype-liquidation.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/hype-liquidation.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>来源：CoinGlass</p>
</div><p>Such market conditions indicate bullish leverage is being wiped out as the market fluctuates to the downside.</p>
<div class="lb-trans"><p>这种市场状况表明，看涨杠杆正在被消除，因为市场波动向下。</p>
</div><h2><strong>HYPE bears dominate the market</strong></h2>
<div class="lb-trans"><h2><strong>HYPE 空头主导市场</strong></h2>
</div><p>Despite whale demand for longs, bearish pressure has overwhelmed the market, leading to most of these longs being liquidated.As such, bullish leverage failed to boost the market, leaving it on the brink of further losses.</p>
<div class="lb-trans"><p>尽管鲸鱼对多头的需求，但空头压力压倒了市场，导致大多数多头头寸被平仓。因此，看涨杠杆未能推动市场，使其面临进一步损失的边缘。</p>
</div><p>At the time of writing, Hyperliquid’s Relative Strength Index (RSI) sat within oversold territory at 29, indicating seller dominance.</p>
<div class="lb-trans"><p>在撰写时，Hyperliquid 的相对强弱指数（RSI）处于超卖区域，值为 29，表明卖方主导。</p>
</div><p>Likewise, the altcoin sat below short-term Moving Averages (MA), MA9 and MA21, reflecting intense short-term bearish pressure.</p>
<div class="lb-trans"><p>同样，该山寨币的价格低于短期移动平均线（MA），MA9 和 MA21，反映出强烈的短期空头压力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Hype-rsi.jpeg" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Hype-rsi.jpeg"/></p>
<p>Source: TradingView</p>
<div class="lb-trans"><p>来源：TradingView</p>
</div><p>Current market conditions point to strong downward momentum and a high probability of continued weakness.</p>
<div class="lb-trans"><p>当前市场状况表明强烈的下行动能和持续疲软的高概率。</p>
</div><p>If this trend persists, HYPE could break below the $22 support and fall toward $20, potentially triggering a whale liquidation.</p>
<div class="lb-trans"><p>如果这种趋势持续，HYPE 可能会跌破 22 美元的支撑位，向 20 美元下跌，可能触发鲸鱼平仓。</p>
</div><p>On the other hand, a bullish reversal requires a decisive close above the MA9 at $26 and the MA21 at $29. Only then could the market outlook shift in favor of buyers.</p>
<div class="lb-trans"><p>另一方面，看涨反转需要在 26 美元的 MA9 和 29 美元的 MA21 上方有明确的收盘。只有这样，市场前景才能转向买方有利。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li><em>Hyperliquid whale sits on a $22 million floating loss, as longs liquidation surge to $70 million.</em></li>
<li><em>HYPE is under intense bearish pressure and could drop to $20 if bulls fail to flip MA9 and MA21.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>Hyperliquid 鲸鱼面临 2200 万美元的浮动损失，随着多头平仓激增至 7000 万美元。</em></li>
<li><em>HYPE 面临强烈的空头压力，如果多头未能翻转 MA9 和 MA21，可能会跌至 20 美元。</em></li>
</ul>
</div>

$22.5M 的 HYPE 损失——Hyperliquid 能否遏制下跌趋势？