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On November 23, Bitwise advisor Jeff Park posted on social media that a notable phenomenon in the recent sell-off is that market volatility characteristics are more akin to 'strike price stickiness' rather than 'Delta stickiness.' (This indicates that the current sell-off is not driven by mechanical dynamic hedging by market makers, but rather by market participants' concentrated views and actions at specific price points—strike prices.) This is in stark contrast to market performance during 'unlock days.' This characteristic sends out two possible signals: first, traders believe the market may experience a rapid rebound; second, volatility will remain at a high level.

According to ChainCatcher, citing Coinglass data, whales on the Hyperliquid platform currently hold positions totaling $4.456 billions, with long positions amounting to $2.068 billions, accounting for 46.41% of the total, and short positions amounting to $2.388 billions, accounting for 53.59%. The profit and loss for long positions is -$242 millions, while for short positions it is $399 millions. Among them, the whale address 0x9eec..ab is holding a 15x leveraged full-position long on ETH at a price of $3,201.03, with an unrealized profit and loss of -$20.666 millions.