Nearly 95% of BTC long positions on Hyperliquid are losing,
Monitoring data on November 13 shows that 24,920 wallets on Hyperliquid hold $1.32 billion in BTC longs, with an average entry price of $75,565 and the current price at $68,588. 95% of the longs are at a loss, with unrealized losses of $130 million. If BTC falls to $65,000, an estimated $228 million in longs are expected to be liquidated.
Event Timeline
- [11-13 05:51] Nearly 95% of BTC longs on Hyperliquid are facing losses, with unrealized losses reaching $130 million (PANews)
- [11-13 05:53] $130 million in unrealized losses; 95% of BTC longs on Hyperliquid are in the red (Odaily 星球日报)
Background and Impact
According to reports from PANews and Odaily 星球日报 on November 13, data from the monitor Mlm Onchain (also written as MLM) shows that Bitcoin longs on Hyperliquid are under pressure. Currently, a total of 24,920 wallets hold $1.32 billion in open BTC long positions, accounting for 67% of all BTC positions on the platform. The average entry price of these longs is $75,565, while the current Bitcoin price is $68,588, 9.2% below the average entry price. The total unrealized losses on all BTC longs amount to $130 million.
The data further shows that 95% of BTC longs are at a loss, of which 40% were opened above $76,000. The average liquidation price of these longs is $52,128. The monitor estimates that if BTC falls to $65,000, about $228 million in longs will be liquidated; if it falls to $60,000, the liquidation scale will rise to $427 million; if it falls to $55,000, it will reach $647 million. In the past 24 hours, $258 million in BTC longs have already been liquidated on Hyperliquid.
This loss situation occurs against the backdrop of Bitcoin's price being below the entry cost of most longs. The 9.2% gap between the average entry price and the current price means that a large number of leveraged longs are underwater, and once the price falls further, it could trigger cascading liquidations. It should be noted that the above monitoring only covers the Hyperliquid platform and does not include BTC futures positions on mainstream trading platforms such as 芝麻Gate.io注册APP下载, Bitget注册APP下载, 币安binance注册APP下载, 欧易OKX注册APP下载, and 火币HTX注册APP下载. The distribution of long positions and liquidation risks on other platforms need to be observed separately based on their respective data.
In terms of impact, $65,000, $60,000, and $55,000 constitute three key pressure levels. If the Bitcoin price moves toward these levels, the scale of long liquidations on Hyperliquid will amplify step by step, which may in turn exacerbate short-term price volatility. The $130 million in unrealized losses emphasized by the monitor is the current mark-to-market floating loss; actual losses will only be realized when positions are closed or liquidations are triggered. As of the publication of the report, the Bitcoin price is still hovering around $68,588 and has not yet reached the estimated liquidation ranges above.
FAQ
### Will this $130 million in unrealized losses immediately lead to forced liquidation?
No. Unrealized losses are mark-to-market floating losses; forced liquidation is only triggered when the price reaches the liquidation price. The average liquidation price of these longs is $52,128, far below the current spot price. If BTC falls to $65,000, an estimated $228 million in longs are expected to be liquidated.
### Will other trading platforms also see similar BTC long losses?
This data comes only from Hyperliquid, covering 24,920 wallets, and does not include platforms such as 芝麻Gate.io, Bitget, 币安, 欧易OKX, and 火币HTX. The average entry prices and position distributions of longs vary across platforms. Whether similar losses exist needs to be checked against each platform's public data and cannot be directly applied.
### Which key price levels should be watched going forward?
First is $65,000. If the price breaks below this level, an estimated $228 million in longs on Hyperliquid are expected to be liquidated; next, watch $60,000 and $55,000, corresponding to liquidation scales rising to $427 million and $647 million, respectively. The deeper the price falls, the greater the chain liquidation pressure.