$ETH ETH USDT perpetual Whale holdings analysis: long positions dominate 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 clear dominance of long positions, but there are characteristics of short-term divergence in the bull vs bear battle. A detailed analysis is as follows:
1. Overall Holdings: Long positions hold an overwhelming advantage
The total holdings of whales have reached 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; 456 short position whales with holdings of only 854.48 million USDT, indicating that long positions are nearly twice the size of short positions, reflecting the clear bullish attitude of long-term whales towards ETH.
2. Holdings unrealized loss: Both the long positions and the whales are in a state of loss.
The average opening price for long positions is $3,069.31, and the current price is below the opening price, with 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, with an unrealized floating loss of 36.3938 million USDT. However, the profitability ratio for long positions at 66.06% is still significantly higher than that of short positions at 38.37%, indicating that the majority of long positions are still in a profitable range.
3. Short-term trading: The selling pressure from shorts slightly exceeds the buying from longs.
In 30 minutes, 70 whales net bought 17.59 million USDT, while 96 whales net sold 18.33 million USDT, with short positions slightly leading in terms of short-term selling volume. This phenomenon indicates that although long positions dominate in the long term, some whales are still engaging in profit-taking or hedging in the short term, intensifying the short-term bull vs bear battle in the market.
In summary, the whale holdings structure of the ETHUSDT perpetual contract shows that the long-term bullish trend remains unchanged, but short-term bearish selling pressure is slightly dominating. The price may face slight fluctuations and consolidation, and attention should be paid to the subsequent movements of whale holdings and whether the price can break through the opening cost level.