A long-held crude oil whale positions for three months suffered a margin call of 12.3 million shares, and oil prices have completely reversed the gains made after the US-Iran conflict.

According to BlockBeats, on July 1st, Hyperinsight monitoring showed that WTI crude oil fell below $69. The largest whale(0x007d) on Hyperliquid's WTIOIL was liquidated twice within about an hour, totaling 180,000 contracts, with an average price of about $68.35, resulting in a loss of about $3.463 million. The whale originally held a long position in WTIOIL with 20x leverage, with an average entry price of $87.59 and a liquidation price of approximately $68.56. In the first round of forced liquidation, 36,000 CL were liquidated, resulting in a loss of approximately $690,000; subsequently, all 144,000 CL were liquidated, resulting in a loss of approximately $2,773,000. Based on the initial margin, this position ultimately lost over 410% of its principal. This long position's liquidation line was set at the oil price level before the US-Iran conflict. According to contract pricing, the US-Iran conflict began with the first round of airstrikes on February 28th, and oil prices were around $68.5 that day. Subsequently, driven by geopolitical risks, prices surged to around $118, representing an increase of approximately 72%. This whale(large position holder) did not close its position at the high oil price level. As crude oil prices continued to fall from their peak, the position was eventually liquidated by the system around $68.35, erasing all gains since February 28th, and is currently trading at $68.8. On-chain data shows that large holders of WTI crude oil positions are generally bearish. The notional size of short positions in the millions of dollars is approximately $61.46 million, which is 2.32 times that of long positions of approximately $26.46 million; the average entry price of long positions is approximately $84.27, and the overall position is already deeply underwater.