A Hyperliquid wallet that held roughly $107 million in collateral on July 19 fully closed its 40x Bitcoin long position on July 20, selling about $122 million worth of BTC across two trading sessions. The exit erased a liquidation level near $61,605 that had been a focal point for traders watching the exchange's public order book.
The trade unwind
The wallet started the day with a 1,660 BTC position, according to Lookonchain. Early on July 20 it added another 235 BTC, briefly pushing the position to 1,897 BTC. Then it began selling. The first batch: 903.48 BTC at an average price near $64,666. That left 994 BTC. At 06:33 UTC the wallet closed the remainder at an average of about $63,931, generating $63.56 million in closed trades. Across both phases the combined average sale price was roughly $64,281. The final trades filled no lower than $63,876.
Liquidation level erased
Nine minutes before the last sale, the position had a liquidation price near $61,605 while Hyperliquid's BTC mark was about $64,149. After the wallet emptied, that $61,605 level no longer exists as a liquidation trigger. Public Hyperliquid liquidation levels are account-specific markers, not fixed support levels or forecasts. The exit effectively removed a target that some traders had been watching as a potential floor.
Market context
Bitcoin was trading near $64,200 on Monday, down 0.4% over 24 hours. Weak spot demand and unconfirmed ETF demand have left the recovery unfinished. Early Monday, Hyperliquid showed about 38,750 BTC of open interest with positive hourly funding near 0.00071%. CoinGlass reported about $47.46 billion in aggregate Bitcoin open interest, with $34.06 billion in futures volume versus $2.35 billion in spot volume. Over a comparable 23-hour window, Binance BTCUSDT open interest fell 0.67% in BTC terms, while Bybit's linear BTCUSDT open interest declined 4.64%. The exit points to concentrated de-risking rather than a market-wide expansion of leverage.
The $61,605 marker is gone as a psychological or strategic target. The wallet is empty. No further moves from this account are expected.
