$ETH ETH USDT perpetual Whale Holdings analysis: long positions are dominant but short-term Bull vs Bear Battle intensifies.

As of December 22, 2025, 09:10, the ETHUSDT perpetual contract is quoted at $3,027.9, with an increase of 1.74%. From the whale holdings data, the market shows a characteristic where long positions dominate absolutely, but there is a divergence in short-term bull vs bear trading behavior. The specific analysis is as follows:
1. Overall Holdings: long positions hold an overwhelming advantage
The total holdings of whales reach 2.54 billion USDT, with a nominal long vs short ratio of 197.52%. There are 333 long position whales with holdings of 1.69 billion USDT; there are 456 short position whales with holdings of only 854.48 million USDT, indicating that the long position scale is nearly twice that of the shorts, reflecting the clear bullish attitude of long-term whales towards ETH.
2. Holdings floating loss: Both long positions and Whales are in a loss state.
The average opening price for long positions is $3,069.31, and the current price is below the opening price, resulting in an unrealized floating loss of 23.0426 million USDT; the average opening price for short positions is $2,899.01, and the current price is above the opening price, resulting in an unrealized floating loss of 36.3938 million USDT. However, the profit ratio for long positions at 66.06% is still significantly higher than the short positions at 38.37%, indicating that most long positions are still in a profitable range.
3. Short-term trading: The selling pressure from short positions slightly exceeds the buying from long positions.
In 30 minutes, 70 whales net purchased 17.59 million USDT, while 96 whales net sold 18.33 million USDT, with short positions slightly leading in the short-term sell-off volume. This phenomenon indicates that, although long positions dominate in the long term, some whales are still taking profits or hedging in the short term, intensifying the market's short-term bull vs bear battle.
In summary, the whale holdings structure of the ETHUSDT perpetual contract shows that the long-term long positions trend remains unchanged, but short-term bearish selling pressure is slightly prevailing. The price may face slight fluctuations and consolidation, and attention should be paid to the subsequent whale holdings trends and whether the price can break through the opening cost level.