A large crude oil whale who held positions for 3 months suffered a $12.3 million liquidation, and oil prices have now given back all their gains since the US-Iran conflict.
BlockBeats News, on July 1, according to Hyperinsight monitoring, WTI crude oil fell back below $69. Hyperliquid's largest WTIOIL long whale (0x007d) faced two large-scale liquidations within about one hour, with a total of 180,000 contracts liquidated at an average forced price of approximately $68.35, resulting in a loss of about $3.463 million.
This whale originally held a 20x leveraged WTIOIL long position with an average entry price of $87.59 and a liquidation price near $68.56. In the first partial liquidation, 36,000 CL were liquidated with a loss of about $690,000. Afterwards, the remaining 144,000 CL were fully liquidated, resulting in a loss of about $2.773 million. Based on margin estimate at entry, the final loss on this position exceeded the principal by roughly 410%.
This long position’s liquidation threshold was set at the oil price level before the US-Iran conflict. Based on contract prices, on February 28, the US-Iran conflict began with initial air strikes and oil price was about $68.5 that day, later surging to nearly $118 on geopolitical risk, a rise of about 72%. This whale did not close the position at the high point. As crude oil kept dropping from the highs, it was eventually forcibly liquidated by the system near $68.35, giving back all gains since February 28. The price is currently around $68.8.
Onchain data shows major WTI crude oil holders are clearly positioned net short. The nominal short position at million-dollar scale is about $61.46 million, 2.32 times the long side's $26.46 million; the average long entry price is about $84.27, so overall long positions are already deeply underwater.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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