A sharp rise in Brent crude oil futures on the Hyperliquid exchange led to forced liquidations totaling $46.6 million. The largest single liquidation resulted in a loss of $17.18 million.

Source: CoinGlass.

The trigger was U.S. President Donald Trump's address to the nation, where he promised to deliver an "extremely strong blow" to Iran. This announcement caused crude prices to jump from $101 to $108, a 7.5% increase within 24 hours.

The liquidation price for the trader who lost $17.18 million was set at $101.49. The total volume of forced liquidations in the crypto market reached $353 million, with the majority being long positions at $217 million, according to CoinGlass.

The BRENTOIL-USDC contract remains one of the most popular on Hyperliquid, ranking fourth in trading volume at $789 million, with an open interest of $529 million. Another oil-linked derivative tied to WTI holds the third position.

Source: Hyperliquid.

In March, high demand for such instruments enabled Hyperliquid to achieve a record trading volume of $5.4 billion. Amid increased activity, the exchange also consistently leads in total fees collected.

Source: Artemis.

Hyperliquid Whale Bets on Market Downturn

Another trader established a position worth $80 million, which included a $40 million short on Bitcoin futures near $68,760, a $2 million short on synthetic contracts for the S&P 500, and a $37 million long on Brent oil derivatives.

Source: CoinGlass.

The total leverage was 7x. The liquidation price for the derivatives on the leading cryptocurrency was $79,805, while the oil position was above $91.

The trader's actions coincided with a 4% rise in S&P 500 futures over the past two days. Market participants anticipate that the U.S. and Israel will conclude military operations against Iran in the coming weeks.

Previously, Trump also stated that the "president of the new regime in Tehran" is considering a "ceasefire." However, the conditions for fully reopening the Strait of Hormuz remain unclear.

The Hyperliquid whale is betting against the optimistic scenario held by some investors. However, the history of his trades shows he has made mistakes before. In December 2025, the trader lost $37 million in his first month of activity using trading bots.

In February 2026, Lookonchain analysts recorded significant losses for this same user on long positions in Ethereum, Bitcoin, Solana, and XRP. The investor made $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.

Hourly chart of BTC/USDT on Binance. Source: TradingView.

Altcoins have seen even steeper declines. Ethereum's price fell by 4%, BNB by 4.6%, and Solana by 5.2%.

Source: CoinGecko.

“Stock and commodity markets continue to fluctuate based on Trump's latest comments regarding geopolitical developments. Bitcoin largely follows the direction of stocks, although it has shown reduced sensitivity to both good and bad news in recent weeks,” noted Caroline Moron, co-founder of Orbit Markets, in a comment to Bloomberg.

Analysts at Glassnode pointed out the stagnation of the leading cryptocurrency. They stated that a catalyst is needed for a trend change in the market.