HYPE drops below $21, triggering on-chain liquidation of major long positions in a chain reaction. If it falls to $20.3, it is expected to liquidate four major whales

On January 21, according to HyperInsight monitoring, due to HYPE's price dropping below $21 this morning, multiple on-chain major long whales' positions were consecutively liquidated. Currently, the largest long address "suspected HYPE listing insider" whale (0x082e), after months of silence, transferred $1 million in margin to Hyperliquid last night, lowering its average long price from $20.13 to $19.33. The current position size is approximately $29.6 million, with an average price of $38.67, and an unrealized loss of $23.78 million (-401%).

Yesterday, the second-largest on-chain long position "liquidated $26 million HYPE long" whale was liquidated again for $7.01 million, reducing the position from $13.06 million to $4.95 million, with an unrealized loss of $2.28 million (-230%). The next liquidation price is around $20.6. Additionally, whales starting with addresses (0x666) and (0xa8c) with millions of dollars also faced liquidation.

The closest whale to liquidation yesterday (0x1c2) saw a total of $10.64 million in HYPE longs liquidated today, with ETH long positions also being liquidated, incurring a loss of $2.32 million. The account now has only $320,000 remaining and has already withdrawn and exited.

Furthermore, monitoring shows that if HYPE's price further drops to the $20.3–$20.6 range, Hyperliquid is expected to see another liquidation exceeding $23 million, involving "liquidated $26 million HYPE long" whales and several whales starting with addresses 0x433, 0x666, and 0xead. Their liquidation prices are all concentrated near this range.