Long XPL positions worth $24.5 million were wiped out in one hour — and the one left holding the bag was a community-owned vault.
The facts: XPL plunged nearly 20% on Nov. 1, falling from around $0.0864 to $0.0694 before recovering to about $0.0727 (TokenPost, KuCoin, Nov. 1). In one hour, $24.49 million in positions were liquidated — $24.31 million of them longs, compared with just $180,500 in shorts. The fallout: Hyperliquid’s HLP vault, which executed the liquidations, also took a loss of around $556,000 after absorbing 160.39 million XPL (PANews, TokenPost, Nov. 1). Behind this, 16 wallets had accumulated long XPL positions worth around $23 million since Oct. 29, and 12 of them had withdrawn about $2.02 million in USDC margin before the price fell.
My take: this is a classic lesson in leverage piling up on one side — when the price wobbles, cascading forced liquidations deepen the fall, and even the liquidation infrastructure itself takes a hit. The wallet pattern is worth noting, but it’s not enough to accuse anyone of anything: what’s certain is that the risk is real.
What I’m watching: whether XPL holds above $0.069–$0.073 (currently around $0.074), and whether long positions start piling up again on Hyperliquid.
What do you think — is this simply overleveraging, or is there something bigger behind that buildup of long positions?
This is my analysis, not financial advice — always DYOR.
#Likuidasi #Hyperliquid $XPL
The facts: XPL plunged nearly 20% on Nov. 1, falling from around $0.0864 to $0.0694 before recovering to about $0.0727 (TokenPost, KuCoin, Nov. 1). In one hour, $24.49 million in positions were liquidated — $24.31 million of them longs, compared with just $180,500 in shorts. The fallout: Hyperliquid’s HLP vault, which executed the liquidations, also took a loss of around $556,000 after absorbing 160.39 million XPL (PANews, TokenPost, Nov. 1). Behind this, 16 wallets had accumulated long XPL positions worth around $23 million since Oct. 29, and 12 of them had withdrawn about $2.02 million in USDC margin before the price fell.
My take: this is a classic lesson in leverage piling up on one side — when the price wobbles, cascading forced liquidations deepen the fall, and even the liquidation infrastructure itself takes a hit. The wallet pattern is worth noting, but it’s not enough to accuse anyone of anything: what’s certain is that the risk is real.
What I’m watching: whether XPL holds above $0.069–$0.073 (currently around $0.074), and whether long positions start piling up again on Hyperliquid.
What do you think — is this simply overleveraging, or is there something bigger behind that buildup of long positions?
This is my analysis, not financial advice — always DYOR.
#Likuidasi #Hyperliquid $XPL