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An oil whale that held long positions for 3 months suffered a liquidation on a scale of $12.3 million, as oil prices have completely given back the increases after the U.S.-Iran conflict.

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ME News, July 1 (UTC+8), according to Hyperinsight monitoring, WTI crude oil fell back below $69, and the largest WTIOIL long whale (0x007d) on Hyperliquid suffered two large-scale liquidations within about 1 hour, with a total of 180,000 contracts liquidated, an average liquidation price of about $68.35, and a loss of approximately $3.46M. The whale originally held a 20x leveraged WTIOIL long position with an average entry price of $87.59 and a liquidation price of about $68.56. In the first round, 36,000 CL were partially liquidated, losing about $690k; then all 144,000 CL were liquidated, losing about $690k. Based on the entry margin estimate, the position ultimately lost over 410% of its principal. The liquidation line of this long position was set at the oil price level before the US-Iran conflict. In terms of contract price, the US-Iran conflict began with the first round of airstrikes on February 28, when oil was around $68.5, and then under geopolitical risk it once surged to near $118, an increase of about 72% over the period. The whale did not close the position when oil was high, and as crude continued to fall from the high, it was finally forcibly liquidated by the system near $68.35, giving back all the gains since February 28, currently reported at $68.8. On-chain data shows that large WTI crude oil holders are generally bearish. The nominal scale of million-dollar shorts is about $61.46 million, 2.32 times that of longs at about $26.46 million; the average entry price of longs is about $84.27, and their overall positions are deeply underwater. (Source: BlockBeats)
CL-2.09%
HYPE-1.01%
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