A public Hyperliquid wallet valued at about $107 million on July 19 fully exited its 40x Bitcoin long on July 20 after briefly expanding to 1,897 $BTC.
Lookonchain had reported a 1,660 $BTC position with a listed liquidation price near $63,123. Hyperliquid’s public account data show the wallet added another 235 $BTC early on July 20.
The wallet then sold 903.48 $BTC at an average price near $64,666, leaving 994 $BTC. $BTC. It closed the remainder at 06:33 UTC at an average price of about $63,931, generating $63.56 million in closed trades and fully exiting the position.
Across both phases, the wallet sold about $122 million of $BTC at a combined average near $64,281. Nine minutes before the last sale, the position still carried a listed liquidation price near $61,605 while Hyperliquid’s $BTC mark was about $64,149. The final trades filled no lower than $63,876.
A post-sale check showed the wallet was empty, wiping out its $61,605 liquidation level before Bitcoin ever reached it.
The exit removed one visible leveraged position without establishing a price floor.
Public Hyperliquid liquidation levels often act as account-specific market markers, but they are not fixed support levels or forecasts. In this case, the marker ceased to apply when the wallet closed.
Open interest remains large, but comparable venues declined
Substantial derivatives exposure remained elsewhere. Early Monday, Hyperliquid showed about 38,750 $BTC of open interest and 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 the comparable 23-hour window, Binance BTCUSDT open interest fell 0.67% in $BTC terms, while Bybit’s linear BTCUSDT open interest declined 4.64%.
Bitcoin market data showed $BTC trading near $64,200, down 0.4% over 24 hours. CryptoSlate’s latest market analysis also found that weak spot demand and unconfirmed ETF demand had left the recovery unfinished.
The exit, therefore, points to concentrated de-risking rather than a market-wide expansion of leverage. The $61,605 marker no longer applies as a psychological or strategic target.
If Bitcoin weakens, liquidation pressure would have to come from positions that remain open across venues.
