As of November 20, Onchain Lens data indicates that a long ETH position linked to HyperLiquid’s second-largest loss address was partially liquidated in this morning’s market downturn, crystallizing a $4.07 million loss on a 6x ETH exposure.

Despite the partial liquidation, the same whale remains in the trade, continuing to carry an unrealized loss exceeding $6 million as market conditions evolve.

The episode underscores risk-management considerations for high-leverage crypto bets and highlights the value of on-chain monitoring for traders, with Ethereum and HyperLiquid liquidity dynamics in focus.