The WTI crude oil long whale that once made a huge profit during the US-Iran war is now down more than 400% on principal—only $1.1 left before liquidation.

Mars Finance News, July 1 – According to Hyperinsight monitoring, the crude oil market is currently digesting the sharp decline in the second quarter while being disturbed by supply risks arising from Iran's refusal to hold direct talks with the United States. On the Hyperliquid platform, WTICRUDE (WTI crude oil) is currently quoted at around $69.70, falling another 1.3% in 24 hours, with on-chain turnover of approximately $72.68 million and open interest of about $163 million. The largest long position holder of WTI crude oil on-chain (0x007d) is now approaching liquidation. It currently holds a 20x leveraged WTIOIL long position with a size of about $12.57 million, an average entry price of $87.59, and a liquidation price of $68.56, which is only about $1.13 below the current price. The unrealized loss is about $3.23 million, corresponding to a principal loss of up to 413%.

This long trader, now on the verge of liquidation, was once a high-profile winner during the war-driven market. The address opened its long position on April 2, when the U.S. was implementing its "maximum pressure" policy, continuously introducing new sanctions on Iran's oil exports and related transportation networks. Geopolitical risk premiums pushed oil prices higher, reaching a peak of $114 on April 4, and the long position was highly profitable at the time.

Since May, oil prices have sharply reversed. This whale never exited, allowing unrealized profits to be fully given back, eventually owing four times the principal of the position. In addition, this address has repeatedly engaged in trading of targets such as SPCX and SILVER over the past month.

From the on-chain order book perspective, large WTI crude oil holders are clearly bearish overall. The current notional size of million-dollar-level shorts is approximately $61.46 million, which is 2.32 times that of longs (about $26.46 million). The average entry price of longs is about $84.27, and all open positions are underwater. This former wartime winner is now deeply mired along with the long camp.