Bitcoin whale dumps $122 million 40x long right before liquidation can strike

A public Hyperliquid wallet valued at about $107 million on July 19 fully exited its 40x Bitcoin long on July 20 after briefly expanding to 1,897 BTC.

Lookonchain had reported a 1,660 BTC position with a listed liquidation price near $63,123. Hyperliquid’s public account data show the wallet added another 235 BTC early on July 20.

The wallet then sold 903.48 BTC at an average price near $64,666, leaving 994 BTC. BTC. It closed the remainder at 06:33 UTC at an average price of about $63,931, generating $63.56 million in closed trades and fully exiting the position.

Across both phases, the wallet sold about $122 million of BTC at a combined average near $64,281. Nine minutes before the last sale, the position still carried a listed liquidation price near $61,605 while Hyperliquid’s BTC mark was about $64,149. The final trades filled no lower than $63,876.

A post-sale check showed the wallet was empty, wiping out its $61,605 liquidation level before Bitcoin ever reached it.

The exit removed one visible leveraged position without establishing a price floor.

Public Hyperliquid liquidation levels often act as account-specific market markers, but they are not fixed support levels or forecasts. In this case, the marker ceased to apply when the wallet closed.

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Open interest remains large, but comparable venues declined

Substantial derivatives exposure remained elsewhere. Early Monday, Hyperliquid showed about 38,750 BTC of open interest and positive hourly funding near 0.00071%. CoinGlass reported about $47.46 billion in aggregate Bitcoin open interest, with $34.06 billion in futures volume versus $2.35 billion in spot volume.

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Over the comparable 23-hour window, Binance BTCUSDT open interest fell 0.67% in BTC terms, while Bybit’s linear BTCUSDT open interest declined 4.64%.

Bitcoin market data showed BTC trading near $64,200, down 0.4% over 24 hours. CryptoSlate’s latest market analysis also found that weak spot demand and unconfirmed ETF demand had left the recovery unfinished.

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The exit, therefore, points to concentrated de-risking rather than a market-wide expansion of leverage. The $61,605 marker no longer applies as a psychological or strategic target.

If Bitcoin weakens, liquidation pressure would have to come from positions that remain open across venues.

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