TechFlow news, July 01, according to Hyperinsight monitoring, WTI crude oil fell back below $69, the largest WTIOIL long whale on Hyperliquid (0x007d) was liquidated twice on a large scale within about 1 hour, with a total liquidation of 180,000 contracts, average liquidation price about $68.35, loss of about $3.463 million.
The whale originally held 20x leveraged WTIOIL long positions, average entry price $87.59, liquidation price about $68.56. This time, the first round partially liquidated 36,000 CL, loss of about $690,000; subsequently fully liquidated 144,000 CL, loss of about $2.773 million. Estimated based on entry margin, the position ultimately lost over 410% of principal.
The liquidation line of this long position was almost set at the oil price level before the US-Iran conflict. In terms of contract price, on February 28, the US-Iran conflict began with the first round of air strikes, oil price was about $68.5 that day, subsequently driven by geopolitical risks, it once surged to near $118, interval increase of about 72%. The whale did not close positions at high oil prices, as crude oil continued to fall from highs, finally liquidated by the system near $68.35, giving back all gains since February 28, currently reported at $68.8.
On-chain data shows, WTI crude oil large holders are overall significantly bearish. Million-dollar level short notional size is about $61.46 million, 2.32 times that of longs at about $26.46 million; longs average entry price about $84.27, overall positions are deeply underwater.
