Andrew Tate opened a 40x-leveraged long position in Bitcoin (BTC) through Hyperliquid, but it was fully liquidated in 24 hours.
On June 16, Tate entered a long position of 57.36 BTC, with a notional value of approximately $3.79 million, at an average entry of around $66,045, according to data from Hypurrscan. At the time of entry, his position had a liquidation price of $65,215.
Tate’s 40x BTC long position. Source: Hyperliquid
On June 17, Tate’s position came under heavy pressure as Bitcoin’s price dropped. Hyperliquid triggered multiple partial liquidations, reducing his position size from 57.36 BTC to about 29.37 BTC.
Tate’s 40x BTC long position. Source: Hyperliquid
At press time, Tate’s Bitcoin position was fully liquidated, resulting in a total loss of his margin and funding fees. Notably, he attempted to avoid a full liquidation by increasing his margin with a $72.11 deposit, resulting in a total loss of $95,478.
Tate’s transactions. Source: Hyperliquid
What’s the impact of Tate’s Bitcoin liquidation?
As Tate lost his margin on a leveraged Bitcoin position, his net losing streak reached more than 107 times, as per analysis from Lookonchain. The trader attempted to ride the recent BTC price recovery, but joined other long bets that were liquidated over the past 24 hours.
Furthermore, out of the $77.90 million liquidated in the Bitcoin market over the past 24 hours, $68.66 million involved long traders, based on data from CoinGlass. The notable liquidation of Bitcoin long traders may have fueled a long squeeze, a rapid price drop that forces leveraged long positions to close and accelerates the sell-off.
BTC price 24 hours. Source: Finbold
Over the past 24 hours, the BTC price has dropped by more than 2%, trading at $64,730 at the time of publication. As such, Tate was among the forces that pushed the BTC price lower over the last 24 hours, as he opened a 40x-leveraged BTC short position immediately after the long was fully liquidated.
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