The largest crude oil long position holder is sitting on an unrealized loss of over $3.8 million, after building a $144 million long position ahead of the U.S. midterm elections.

Progress in U.S.-Iran talks continues to sway the crude oil market. After a sharp earlier decline, international oil prices remain under pressure. On November 3, WTI crude oil and Brent crude oil futures closed at $96.09 and $103.60 respectively, hitting their lowest closing levels in nearly four weeks. According to TradingBeats monitoring, the Hyperliquid whale (0x0cc1) — which added to its Brent crude positions against the trend ahead of the U.S. midterm elections — has not reduced its long positions in WTI and Brent crude to date. As of press time, the account’s combined long positions in both crudes are worth approximately $144.5 million, with unrealized losses expanding to $3.8417 million. The whale currently holds: - WTI crude oil: valued at approximately $55.2517 million, average entry price of $98.2, unrealized loss of roughly $1.8168 million, liquidation price of $73.06. - Brent crude oil: valued at approximately $89.2298 million, average entry price of $105.03, unrealized loss of roughly $2.0249 million, liquidation price of $87.96. Both positions are set to 10x full leverage. Calculated based on the account’s unified USDC collateral equity, the current effective leverage is approximately 8.98x. Due to shared margin, if both crudes fall in tandem, the account’s equity and actual liquidation level will also change accordingly. On the news front, U.S. midterm election vote counting is intertwined with progress in U.S.-Iran talks. A November 3 Reuters report states that Qatar is stepping up mediation to avoid a renewed post-election escalation of tensions, but there remain significant gaps between the U.S. and Iran toward reaching an agreement. The earlier limited military strike on Iran’s Qeshm Island has also kept energy supply prospects uncertain. (Reuters)