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ChainCatcher News: The market experienced a significant decline today, with several whales opening long positions to bottom fish. The "ultimate short" whale, who had not made any moves for ten days, partially closed positions again, while the "BTC OG insider whale" suffered large unrealized losses. Details are as follows: "pension-usdt.eth": Opened a new 3x leveraged BTC long position at midnight today, with a position size of approximately $85.76 million at an average price of $86,300, now ranking as the largest BTC bull on Hyperliquid. Yesterday, this address opened and closed positions four times in total, recording a profit of about $2.8 million. "Calm Order King": Opened new BTC, ETH, and SOL long positions in the past 6 hours, with a total position size of $7.11 million and a current overall account unrealized loss of about $20,000. In addition, at 1:00 today, this address fully closed its BTC, ETH, and SOL short positions, realizing a profit of about $13,000. "Ultimate Short": Closed BTC short positions worth about $8.6 million today, recording a profit of about $2.37 million. The current BTC short position size has dropped to $61.88 million, with an unrealized profit of $18.46 million (542%), liquidation price at $104,000, and still has open orders targeting a further decline to $68,000. Currently ranks second on the BTC short leaderboard on Hyperliquid. "Paul Wei": Executed four new BTC long trades last night and this morning, with current BTC long positions at an unrealized loss of about 7%, accounting for 15% of the total capital of $100,000, with most funds still in pending orders. The BTC long and short pending order trigger range is approximately $84,800 to $93,300. Since November 16, a cumulative profit of $3,100 has been recorded. "BTC OG Insider Whale": Overall unrealized losses have expanded, with ETH long positions at an unrealized loss of $40 million (-37%) at an average price of $3,167 and a position size of about $564 million. This address also holds BTC and SOL long positions, both at a loss. The current total account position size is about $680 million, ranking first on the ETH bull leaderboard on Hyperliquid.

According to ChainCatcher, citing glassnode, Bitcoin encountered resistance at $94,000 and subsequently fell to $87,000. As selling pressure increased and liquidity weakened, upward momentum diminished. On one hand, futures open interest saw a slight decline, indicating mild risk aversion in the market rather than capitulation-style selling; perpetual contract CVD fell below the lower limit, reflecting strong selling pressure. On the other hand, the number of active addresses slightly decreased, but the entity-adjusted transfer volume broke through the upper limit, indicating active capital flows. Meanwhile, fee pressure has decreased, suggesting a reduction in block space demand. ETF capital flows have partially offset the impact of Bitcoin's price decline, but the ETF's MVRV has slightly retreated, and profitability indicators remain weak. The market is currently in a consolidation phase. Although some indicators show a potential recovery in trading activity and institutional interest, market confidence remains uneven, making the market susceptible to further declines or prolonged range-bound trading before demand strengthens.