A Hyperliquid whale fully exited a 40-times leveraged Bitcoin long position worth approximately $122 million on July 20, according to blockchain analytics firm Lookonchain. The trader eliminated its liquidation marker at $61,605 across two separate sales.

The account had held an initial 1,660 BTC position before adding 235 BTC early on July 20, expanding the leverage to 1,897.74 BTC at peak size. The whale then began unwinding, selling 903.48 BTC in the first phase at an average price near $64,666, leaving 994 BTC remaining.

The final trades completed at 06:33 UTC on July 20, with the position closing at an average fill price of $63,931 across both phases. The lowest fill price in the final trades was $63,876. Nine minutes before the final sale, Hyperliquid’s BTC mark price stood at approximately $64,149 while the position’s liquidation level sat near $61,605. Post-sale account checks confirmed the wallet held no remaining position.

Liquidation Risk Removed

The closure eliminated acute liquidation risk that had shadowed the account throughout the position’s final hours. Lookonchain had initially flagged the 1,660 BTC position with a liquidation price near $63,123. As the whale expanded and then began unwinding, the liquidation marker tightened to $61,605, creating a narrow buffer above the exit prices achieved.

Public liquidation levels on Hyperliquid serve as account-specific market markers but do not function as fixed support levels or price forecasts, according to context provided by CryptoSlate’s market analysis.

Broader Derivatives Market Structure

The exit occurred amid broader derivatives positioning shifts across major exchanges. Binance’s BTCUSDT open interest fell 0.67 percent in BTC terms over a 23-hour window ending early Monday. Bybit’s linear BTCUSDT open interest declined 4.64 percent in the same period.

Hyperliquid’s open interest stood at 38,750 BTC early Monday, a fraction of the aggregate Bitcoin derivatives market. CoinGlass data showed $47.46 billion in aggregate Bitcoin open interest, with $34.06 billion in Bitcoin futures volume and $2.35 billion in spot volume across tracked venues. Hyperliquid’s hourly funding rate sat at 0.00071 percent.

Bitcoin traded at $64,200 on July 20, down 0.4 percent over the prior 24 hours. CryptoSlate’s analysis noted weak spot demand and unconfirmed ETF demand had left the recovery unfinished, according to editor-in-chief Liam ‘Akiba’ Wright’s market assessment.

Position Details

The whale’s second-phase exit generated $63.56 million in closed trade value. The account had been valued at approximately $107 million on July 19 before the July 20 trades commenced. Lookonchain did not identify the wallet holder or provide the wallet address.