Oil's biggest bull suffers a floating loss of over $3.8 million, having built a $144 million long position before the midterm elections.

November 4 — Progress in US-Iran negotiations continues to sway the crude oil market. International oil prices remain under pressure after a sharp decline earlier, with WTI crude and Brent crude futures closing at $96.09 and $103.60 respectively on November 3, both hitting near four-week closing lows.

According to TradingBeats monitoring, the Hyperliquid whale (0x0cc1) that previously added to Brent crude longs against the trend ahead of the midterm elections has still not reduced its WTI and Brent crude long positions.

As of press time, the account's combined long positions in the two oils are worth approximately $144.5 million, with unrealized losses widening to $3.8417 million. The whale currently holds:

- WTI crude: worth approximately $55.2517 million, average price $98.2, unrealized loss of approximately $1.8168 million, liquidation price $73.06.

- Brent crude: worth approximately $89.2298 million, average price $105.03, unrealized loss of approximately $2.0249 million, liquidation price $87.96.

Both positions are set at 10x cross-margin leverage. Based on the account's unified USDC collateral equity, the current effective leverage is approximately 8.98x. Due to shared margin, if both oils decline in tandem, the account equity and actual liquidation levels will also change accordingly.

On the news front, US midterm election vote counting and US-Iran negotiation progress are intertwined. Reuters reported on November 3 that Qatar is intensifying mediation efforts to prevent post-election conflict escalation, but significant differences remain between the US and Iran in reaching an agreement. Previous limited military strikes on Iran's Qeshm Island have also kept energy supply prospects uncertain. Reuters reports