Bitcoin whale exits $122M 40x long just before liquidation

A publicly visible Hyperliquid wallet fully closed a 40x Bitcoin long on July 20, selling 1,897.74 BTC for about $122 million and emptying the account before a listed liquidation level near $61,605 was reached.

The wallet, valued at roughly $107 million on July 19, increased its long from about 1,660 BTC to 1,897 BTC by adding roughly 235 BTC early on July 20. The account first sold 903.48 BTC at an average price near $64,666, reducing the position to about 994 BTC. The remaining coins were sold at 06:33 UTC at an average price near $63,931. Across both sales the trades totaled roughly $122 million at a combined average of about $64,281, with final fills executing no lower than $63,876.

Nine minutes before the final sale the position still showed a listed liquidation price near $61,605 while Hyperliquid’s internal mark price was about $64,149. After the last trades the wallet had no balance and the account-specific liquidation marker was removed.

Market data show broader derivatives exposure remained sizable. Hyperliquid’s open interest stood near 38,750 BTC and hourly funding was slightly positive at about 0.00071%. Aggregate Bitcoin open interest across venues was about $47.46 billion, with futures volume near $34.06 billion and spot volume near $2.35 billion. Over the same window, BTCUSDT open interest fell about 0.67% on one major venue and about 4.64% on another. Bitcoin traded near $64,200, down about 0.4% over 24 hours.

At 40x leverage, small price moves can strongly affect margin and liquidation markers. Closing the leveraged long removed that specific wallet-level liquidation reference but did not change open positions elsewhere on exchange and derivatives platforms.