A sharp rise in Brent crude oil futures on the Hyperliquid exchange led to forced liquidations amounting to $46.6 million. The largest single liquidation resulted in a loss of $17.18 million.
The cause was a speech by U.S. President Donald Trump, in which he promised an “extremely strong strike” against Iran. In response, crude prices jumped from $101 to $108, gaining 7.5% in 24 hours.
The liquidation price for the trader who lost $17.18 million was at $101.49. The total volume of forced liquidations in the crypto market reached $353 million, with the majority being long positions — $217 million, according to CoinGlass.
The BRENTOIL-USDC contract remains one of the most sought-after on Hyperliquid. The pair ranks fourth in trading volume with $789 million and an open interest of $529 million. Another commodity derivative linked to WTI oil holds the third spot.
In March, high demand for such instruments secured Hyperliquid a record trading volume of $5.4 billion. Amid increased activity, the exchange also consistently maintains its leadership in total fees collected.
Hyperliquid Whale Bets on Market Crash
Another trader formed a position worth $80 million. It included a $40 million short on Bitcoin futures near $68,760, a $2 million short on synthetic contracts on the S&P 500 index, and a $37 million long on Brent oil derivatives.
The overall leverage was 7x. The liquidation price for the first cryptocurrency derivatives was $79,805, and for the oil position, it was above $91.
The player’s actions coincided with a 4% rise in S&P 500 futures over the past two days. Market participants expect the U.S. and Israel to conclude their military operation against Iran in the coming weeks.
Previously, Trump also stated that the “president of the new Tehran regime” is considering a “ceasefire.” However, the conditions for a full reopening remain unknown.
The Hyperliquid whale bet against the optimistic scenario currently held by some investors. However, the history of his trades shows that he has been wrong before. In December 2025, the trader lost $37 million in the first month of activity using trading bots.
In February 2026, analysts at Lookonchain recorded significant losses for the same user on longs in Ethereum, Bitcoin, Solana, and XRP. The investor earned $25 million on shorts but soon lost $40 million.
This $DASH super short “0x94d3” made a big mistake yesterday.
He closed his $BTC, $ETH, $SOL, and $XRP shorts, then flipped long — and is now down $15.8M.
His total PnL went from +$25.5M to −$15.3M.
Address:
0x94d3735543ecb3d339064151118644501c933814 pic.twitter.com/WWzg2HaF45— Lookonchain (@lookonchain) February 5, 2026
Market Situation
In the past 24 hours, Bitcoin’s price has dropped by 3%. At the time of writing, the leading cryptocurrency is trading around $66,400.
Altcoins have fallen more sharply. Ethereum’s rate dropped by 4%, BNB by 4.6%, and Solana by 5.2%.
“Stock and commodity markets continue to fluctuate based on Trump’s latest comments on geopolitical developments. Bitcoin largely follows the direction of stocks, although in recent weeks it has shown reduced sensitivity to both good and bad news,” noted Orbit Markets co-founder Caroline Moron in a comment to Bloomberg.
Analysts at Glassnode pointed to the stagnation of the leading cryptocurrency. According to them, the market requires a catalyst to change the trend.