Hyperliquid News Today: Crypto Whales' Bear-Bull Showdown Sparks FTX-Era Chaos as $1.1B Vanish

The cryptocurrency market experienced a volatile week in late November 2025, marked by record liquidations and aggressive shorting strategies on decentralized exchanges like HyperLiquid. A prominent whale address on HyperLiquid, identified as 0x35d1, has drawn attention for maintaining a $63.55 million short position in Solana (SOL) and recently expanding its bearish bets to Ethereum (ETH), adding a $1.02 million ETH short with maximum leverage. This move underscores growing pessimism among institutional traders amid heightened market uncertainty, as the broader crypto ecosystem grapples with a $1.1 billion liquidation event-the second-largest since the 2022 FTX collapse.

The liquidation wave, which saw $973 million in long positions wiped out compared to $131 million in shorts, has reignited comparisons to the darkest days of the FTX crisis. Bitcoin's price drop below $90,000 triggered cascading liquidations, particularly on non-custodial platforms like HyperLiquid, where algorithmic liquidations execute rapidly during volatility spikes. For example, influencer Andrew Tate's HyperLiquid account was entirely erased by a series of BTC perpetual liquidations between November 14–17, with losses escalating as he averaged into long positions during the downturn. His case highlights the risks of high-leverage trading, especially when markets reverse sharply.

HyperLiquid's role in the turmoil has been significant. The exchange reported $134 million in long liquidations during a four-hour window, trailing only HTX's $44.29 million single-position liquidation. Despite the chaos, Hyperliquid's native token, HYPE, defied the broader market slump, surging 6.7% to $41.28 amid rising open interest and bullish positioning. Analysts attribute this resilience to a forming "Adam and Eve" price pattern and a long-short ratio above 2.0, signaling strong speculative demand. However, the platform faces liquidity challenges, including a $5 million shortfall from manipulative trades in Popcat (POPCAT) and a 38% decline in HYPE futures open interest.

The market's fragility is further illustrated by the activities of another HyperLiquid whale, 0x9ee, who holds a $145 million ETH long position with a $4.9 million unrealized loss on the platform. This trader, betting on Ethereum's rebound to $3,860, contrasts with 0x35d1's bearish stance, reflecting diverging views on the crypto winter. Meanwhile, the largest SOL short position-441,393 tokens faces critical support levels at $150, with analysts warning of potential cascading liquidations if prices break below that threshold.

The week's events have reignited debates about leverage risks in crypto trading. A degen trader on HyperLiquid lost $168 million in leveraged BTC, XRP, and ZEC shorts, echoing past high-profile collapses like the $100 million BTC wipeout attributed to "James Wynn". Market observers caution that extreme long-short imbalances, coupled with technical indicators like Bitcoin's oversold RSI, suggest a precarious equilibrium. As the industry navigates this turbulence, the interplay of whale strategies, liquidity dynamics, and retail sentiment will likely shape HyperLiquid's-and the broader market's-trajectory in the coming months.