<p>在一個月前被拒絕於 50 美元后，Hyperliquid [HYPE] 繼續在一個下降通道內交易，最低達到 22 美元。截至發稿時，HYPE 的價格為 23.2 美元，日內上漲 1.24%，但一週內下跌 17.7%。</p>
<p>這種持續的下行趨勢導致 HYPE 交易者，特別是在期貨市場上，遭受了重大損失。</p>
<h2><strong>Hyperliquid 鯨魚面臨 2250 萬美元的損失！</strong></h2>
<p>儘管 HYPE 在價格圖表上掙扎，但投資者，尤其是鯨魚，主導了期貨市場。CryptoQuant 的期貨平均訂單大小數據顯示，鯨魚訂單連續兩個月出現。</p>
<p>這種訂單的持續出現表明參與者增加，可能是在進行空頭或多頭頭寸。</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>來源：CryptoQuant</p>
<p>根據 Lookonchain 的數據，一隻鯨魚在 207,497 HYPE 上開了一個 10 倍的多頭頭寸，價值 472 萬美元，平倉價格設定為 13.68 美元。</p>
<p>與此同時，Onchain Lens 報告了另一隻鯨魚，其 5 倍的多頭頭寸已經出現虧損，浮動虧損超過 2250 萬美元。儘管面臨壓力，這隻鯨魚仍然繼續持有，平倉價接近 20.66 美元。</p>
<p>這種行為通常反映出對潛在市場反轉的強烈信念和信心，因為鯨魚在短期內承受痛苦，希望獲得未來的重大收益。</p>
<h2><strong>平倉率激增</strong></h2>
<p>如上所述，鯨魚們一直在積極押注價格反彈。然而，這並不是個別情況，因為大多數參與者都採取了多頭頭寸。</p>
<p>根據 CoinGlass 的數據，Hyperliquid 的多空比在發稿時躍升至 1.03，其中 50.81% 為多頭，49% 為空頭。</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>來源：CoinGlass</p>
<p>因此，大多數市場參與者持看漲態度，預計價格將再次上漲。可悲的是，這些情緒繼續導致更多的多頭頭寸被平倉。</p>
<p>事實上，在 12 月 18 日至 19 日之間，超過 7000 萬美元的多頭頭寸被平倉。在同一時期，僅有 54 萬美元的空頭頭寸被平倉。</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>來源：CoinGlass</p>
<p>這種市場狀況表明，看漲槓桿正在被消除，因為市場波動向下。</p>
<h2><strong>HYPE 空頭主導市場</strong></h2>
<p>儘管鯨魚對多頭的需求，但空頭壓力壓倒了市場，導致大多數多頭頭寸被平倉。因此，看漲槓桿未能推動市場，使其面臨進一步損失的邊緣。</p>
<p>在撰寫時，Hyperliquid 的相對強弱指數（RSI）處於超賣區域，值為 29，表明賣方主導。</p>
<p>同樣，該山寨幣的價格低於短期移動平均線（MA），MA9 和 MA21，反映出強烈的短期空頭壓力。</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>來源：TradingView</p>
<p>當前市場狀況表明強烈的下行動能和持續疲軟的高概率。</p>
<p>如果這種趨勢持續，HYPE 可能會跌破 22 美元的支撐位，向 20 美元下跌，可能觸發鯨魚平倉。</p>
<p>另一方面，看漲反轉需要在 26 美元的 MA9 和 29 美元的 MA21 上方有明確的收盤。只有這樣，市場前景才能轉向買方有利。</p>
<hr/>
<h2>最後思考</h2>
<ul>
<li><em>Hyperliquid 鯨魚面臨 2200 萬美元的浮動損失，隨着多頭平倉激增至 7000 萬美元。</em></li>
<li><em>HYPE 面臨強烈的空頭壓力，如果多頭未能翻轉 MA9 和 MA21，可能會跌至 20 美元。</em></li>
</ul>

BLSH

<p>Hyperliquid (HYPE) 一直在一個下降通道內交易，最低達到 $22。目前，HYPE 的價格為 $23.2，日內上漲 1.24%，但一週內下跌 17.7%。鯨魚們積極押注價格反彈，但看跌壓力導致了顯著的損失和清算。相對強弱指數（RSI）顯示賣方占主導地位，如果這種趨勢持續，HYPE 可能會跌至 $20，可能觸發鯨魚的清算。要實現看漲反轉，需要在 $26 的 MA9 和 $29 的 MA21 之上有明確的收盤</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>在一個月前被拒絕於 50 美元后，Hyperliquid [HYPE] 繼續在一個下降通道內交易，最低達到 22 美元。截至發稿時，HYPE 的價格為 23.2 美元，日內上漲 1.24%，但一週內下跌 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>這種持續的下行趨勢導致 HYPE 交易者，特別是在期貨市場上，遭受了重大損失。</p>
</div><h2><strong>Hyperliquid whale sits on a $22.5M loss!</strong></h2>
<div class="lb-trans"><h2><strong>Hyperliquid 鯨魚面臨 2250 萬美元的損失！</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>儘管 HYPE 在價格圖表上掙扎，但投資者，尤其是鯨魚，主導了期貨市場。CryptoQuant 的期貨平均訂單大小數據顯示，鯨魚訂單連續兩個月出現。</p>
</div><p>A sustained period of such orders indicated increased participation, either taking shorts or long positions.</p>
<div class="lb-trans"><p>這種訂單的持續出現表明參與者增加，可能是在進行空頭或多頭頭寸。</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>來源：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>根據 Lookonchain 的數據，一隻鯨魚在 207,497 HYPE 上開了一個 10 倍的多頭頭寸，價值 472 萬美元，平倉價格設定為 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>與此同時，Onchain Lens 報告了另一隻鯨魚，其 5 倍的多頭頭寸已經出現虧損，浮動虧損超過 2250 萬美元。儘管面臨壓力，這隻鯨魚仍然繼續持有，平倉價接近 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>這種行為通常反映出對潛在市場反轉的強烈信念和信心，因為鯨魚在短期內承受痛苦，希望獲得未來的重大收益。</p>
</div><h2><strong>Liquidation rate spikes</strong></h2>
<div class="lb-trans"><h2><strong>平倉率激增</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，鯨魚們一直在積極押注價格反彈。然而，這並不是個別情況，因為大多數參與者都採取了多頭頭寸。</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>根據 CoinGlass 的數據，Hyperliquid 的多空比在發稿時躍升至 1.03，其中 50.81% 為多頭，49% 為空頭。</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>來源：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，大多數市場參與者持看漲態度，預計價格將再次上漲。可悲的是，這些情緒繼續導致更多的多頭頭寸被平倉。</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>事實上，在 12 月 18 日至 19 日之間，超過 7000 萬美元的多頭頭寸被平倉。在同一時期，僅有 54 萬美元的空頭頭寸被平倉。</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>來源：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>這種市場狀況表明，看漲槓桿正在被消除，因為市場波動向下。</p>
</div><h2><strong>HYPE bears dominate the market</strong></h2>
<div class="lb-trans"><h2><strong>HYPE 空頭主導市場</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>儘管鯨魚對多頭的需求，但空頭壓力壓倒了市場，導致大多數多頭頭寸被平倉。因此，看漲槓桿未能推動市場，使其面臨進一步損失的邊緣。</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>在撰寫時，Hyperliquid 的相對強弱指數（RSI）處於超賣區域，值為 29，表明賣方主導。</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>同樣，該山寨幣的價格低於短期移動平均線（MA），MA9 和 MA21，反映出強烈的短期空頭壓力。</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>來源：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>當前市場狀況表明強烈的下行動能和持續疲軟的高概率。</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>如果這種趨勢持續，HYPE 可能會跌破 22 美元的支撐位，向 20 美元下跌，可能觸發鯨魚平倉。</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，看漲反轉需要在 26 美元的 MA9 和 29 美元的 MA21 上方有明確的收盤。只有這樣，市場前景才能轉向買方有利。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最後思考</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 鯨魚面臨 2200 萬美元的浮動損失，隨着多頭平倉激增至 7000 萬美元。</em></li>
<li><em>HYPE 面臨強烈的空頭壓力，如果多頭未能翻轉 MA9 和 MA21，可能會跌至 20 美元。</em></li>
</ul>
</div>

$22.5M 的 HYPE 損失——Hyperliquid 能否遏制下跌趨勢？