A certain whale has begun bottom-fishing WTI crude oil, opening a new long position of $22 million.

BlockBeats news, November 4th, according to TradingBeats monitoring, a whale starting with 0x9e2c has continuously opened long positions in WTI crude oil from last night to the past half hour, accumulating approximately $22.0817 million in purchases at an average price of $98.14.

Currently, the position is valued at approximately $21.4027 million, with a floating loss of about $679,000. The position uses 20x cross-margin leverage, and based on the unified account USDC collateral equity, the effective leverage is about 10.46x, with the current estimated liquidation price at $88.23.

This position was built across the window of the U.S. midterm election voting and vote counting, and also coincides with the ongoing U.S.-Iran negotiations. Previously, expectations of diplomatic easing drove oil prices down significantly, but the agreement has not yet been finalized. According to Reuters, Qatar is mediating between the two sides to review a new proposal; Iran demands the lifting of the port blockade, relaxation of oil sanctions, and the release of frozen funds, and states that the two sides are still far from reaching an agreement; the mediators are striving to prevent the conflict from escalating again after the midterms.