A three-month long oil whale with a position worth $12.3 million faced a margin call, causing the price of oil to retreat all gains made after the US-Iran conflict.

BlockBeats News, July 1st, according to Hyperinsight monitoring, WTI crude oil fell below $69. The largest long whale on Hyperliquid (0x007d) in WTIOIL was liquidated twice on a large scale within about 1 hour, with a total of 180,000 contracts liquidated. The average liquidation price was about $68.35, resulting in a loss of approximately $3.463 million.

The whale originally held a 20x leveraged long position in WTIOIL, with an average entry price of $87.59 and a liquidation price of about $68.56. The first round of partial liquidation involved 36,000 contracts of CL, resulting in a loss of about $0.69 million; this was followed by the full liquidation of 144,000 contracts of CL, leading to a loss of approximately $2.773 million. Based on the initial margin, the position eventually lost more than 410% of the principal.

This long liquidation was triggered at the oil price level before the US-Iran conflict. Based on the contract price calculation, the US-Iran conflict began with the first round of airstrikes on February 28th, with the oil price around $68.5 on that day. Subsequently, driven by geopolitical risks, the price surged to around $118, marking an approximately 72% increase. The whale did not close the position at the high price and as the oil price continued to decline from the peak, it was eventually liquidated by the system around $68.35, giving back all gains since February 28th, and is currently trading at around $68.8.

On-chain data shows that large WTI crude oil holders are significantly skewed to the short side. The nominal scale of million-dollar short positions is around $61.46 million, which is 2.32 times the $26.46 million held by long positions; the average entry price for long positions is about $84.27, and the overall position is deep underwater.