Key Highlights
- A high-profile whale opened over $500 million in long positions on BTC, ETH, and SOL via Hyperliquid.
- Bitcoin reclaimed $94K, while Ether surged more than 8% this week, lifting major altcoins.
- Polymarket data shows traders remain cautious on near-term upside despite the rebound.
The crypto market is showing mixed signals as renewed selling pressure after the Fed’s rate cut announcement on 10 December clashes with signs of underlying conviction from large players. Bitcoin and major altcoins are facing heavy selling walls, while derivatives data and prediction markets suggest traders remain cautious about near-term upside.
As spot prices navigate around key resistance levels, volatility remains elevated. Investors continue to balance macro uncertainty, upcoming policy decisions, and uneven performance across major tokens.
Price analysis: Bitcoin and leading alts
Bitcoin climbed above $92,000 before dropping nearly 2% at Friday’s opening session. The move strengthened short-term market structure, though positioning data shows traders remain split on whether the rally can sustain momentum toward the $100,000 mark.
Ether dropped over 4% and is currently trading near $3,100. Major altcoins followed the move, with SOL, XRP, BNB, and ADA all losing daily gains as traders adjusted their portfolios ahead of the weekend.
Whale goes long more than half a billion dollars
Against this backdrop, on-chain data shared by MLM highlights aggressive bullish positioning from trader Garrett Jin. According to the posts, Jin, who previously made over $100 million during the October tariffs crash, has publicly gone long with more than $500 million worth of ETH, BTC, and SOL on Hyperliquid over the past several days.
Notably, Jin reportedly withdrew $230 million in USDC from Binance to fund and publicly display the positions on-chain instead of trading privately on a centralized exchange. The move has fueled speculation across crypto circles, as the size and transparency of the trades suggest either strong conviction or a strategic signaling play.
Market speculation and sentiment
Prediction markets point to lingering caution despite the rebound. On Polymarket, around 60%–70% of traders expect Bitcoin to remain above $92,000, but only about 4% are betting on a move above $94,000 in the immediate term. Similar dynamics appear in Ethereum markets, where confidence drops sharply above the $3,300 level.
For now, the contrast is clear: while much of the market hesitates, some of the largest players are positioning as if the next leg higher is only a matter of time.
Also read: Coinbase to Launch Prediction Markets and Tokenized Stocks Next Week
