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The cryptocurrency market experienced a sharp decline on December 1, with bitcoin falling below $87,000 and ethereum losing the $2,900 mark. The total liquidation of contracts across the market reached $528 million. Market sentiment has turned cold, leverage is retreating, and increased uncertainty in Federal Reserve policies has intensified the sell-off. Summary generated by Mars AI. The accuracy and completeness of the content generated by the Mars AI model are still in the process of iterative improvement.
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- 01:56Hyperliquid co-founder responds to critics: ADL is unrelated to HLP, denies claims of "destroying $653 million in profits"ChainCatcher reported that Hyperliquid co-founder Jeff posted on X to refute recent allegations regarding the ADL (Auto-Deleveraging) mechanism, stating that some commentators have drawn incorrect conclusions without understanding the core concepts. He emphasized that the ADL mechanism "does not transfer profits and losses to HLP," and pointed out that its handling of users and HLP is completely symmetrical, adding that "ADL has nothing to do with HLP or back-to-back liquidation." Jeff also denied the claim that "ADL destroyed $653 million in profits," stating that such comments are based on misunderstandings. He criticized certain self-proclaimed academic authors for "using complex machine learning terminology to package erroneous arguments," and stressed that one should understand the subject of research before publishing studies or commentary.
- 01:56The U.S. Senate Banking Committee may postpone the review of the "Crypto Market Structure Bill" until 2026.ChainCatcher news, crypto journalist Eleanor Terrett posted on X that bipartisan U.S. senators have once again held discussions on the "Cryptocurrency Market Structure Bill." After the meeting, Senator Mark Warner revealed that, given the current state of the bill, it would be "very difficult" to review it next week. This view was echoed by other senators. It now appears that the U.S. Senate Banking Committee is likely to wait until the new year to review the bill.
- 01:50The Ethereum long position of the giant whale who shorted after the 1011 flash crash is now floating a profit of $21.5 million.According to Jinse Finance, on-chain analyst Ai Yi (@ai_9684xtpa) has monitored that a certain whale, who opened short positions after the flash crash on October 11, now holds 80,985.83 ETH long positions with an unrealized profit of $21.5 million. Part of this whale's positions were opened at an average price of $3,108.49. Due to the continued rise of ETH, their order of 19,108.68 ETH at the $3,280 price level remains unfilled, valued at $62.67 million. Currently, the whale's margin usage rate is only 38.35%, leaving significant room for additional positions.