HyperLiquid's six major high-leverage whales all liquidated, with an average loss of over $40 million per person

According to Bitget market data, spot gold has fallen below $3,960 per ounce, down 0.70% on the day.

According to monitoring by Onchain Lens, market maker Wintermute has accumulated $227.01 million in trading profits on Hyperliquid, with a $18.9 million profit over the past 30 days and current unrealized profit of $3.13 million. Wintermute holds approximately $92.45 million in open positions, of which short positions total $72.45 million. Its largest short positions are in ETH ($13.84 million), SOL ($11.24 million), and HYPE ($6.51 million).

According to Onchain Lens monitoring, a whale withdrew 2000 ETH (worth approximately $4.08 million) from Binance 29 minutes ago, then deposited 32 ETH (valued at around $65,300) into the Ethereum Beacon Chain staking contract.

CryptoQuant analyst Darkfost noted in a recent post that BTC open interest on Binance has fallen 17% from $10.6 billion to $8.8 billion in less than a month. Meanwhile, its 180-day moving average has risen from $8.4 billion to $8.6 billion. With open interest dropping below the moving average, the market is showing new deleveraging signals. In bull markets, this signal typically emerges near the end of a market correction, reflecting traders cutting leveraged exposure—both through voluntary position closures and forced liquidations due to insufficient margin. Outside of bear markets where this process can drag on for months, the last similar signal occurred in June this year, when BTC traded below $60,000 before rallying to over $87,000, a gain of more than 45%. Alongside the current open interest decline, the market has also seen massive liquidations. Low volatility appears to have pushed some traders to take on higher risks to offset insufficient returns from narrowed price swings, leaving them more exposed to market reversals. Over the past three months, Binance’s monthly liquidation volumes have hit their highest levels since 2021: over $1.4 billion in August, $1.1 billion in September, and $1.3 billion in October. This trend is continuing in November; as of the end of the first half of the month, liquidations have already exceeded $520 million. These figures underscore the potential losses leveraged trading can inflict on investors. In a market environment marked by low volatility and shrinking trading volumes, blindly increasing risk exposure out of impatience can quickly lead to heavy costs. That said, the deleveraging phase also helps improve market conditions. Reduced leveraged positions lower the risk of cascading liquidations, allowing spot demand to play a larger role in market pricing, thereby helping Bitcoin build a more robust market structure.

According to TradingBeats' monitoring, on November 12, a whale opened an $8.67 million long position in NVIDIA (NVDA) on Hyperliquid in the afternoon, with an average entry price of $160.60, using a relatively conservative 2x full-position leverage. This large-scale purchase came amid extreme volatility in NVIDIA's stock. As of press time, the whale's unrealized profit stands at approximately $24,800, with a liquidation price of only $79.38, over 50% lower than the current price of $161.06. It is reported that this whale was previously the largest bull on ZHIPU, suffered heavy losses when liquidating its position on October 20 amid the stock's continuous pullback, and has since remained inactive without opening any new positions.

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