A new wallet opened a long position in BrentOIL with 20x leverage, totaling $8.53 million, and has already incurred a paper loss of over $1.355 million.

CoinFeed reported on April 8th that, according to Onchain Lens monitoring, a newly created wallet deposited 3 million USDC into HyperLiquid and opened a 20x leveraged long position of 90,001 BrentOIL ($8.53 million). Within less than 12 hours, its floating loss exceeded $1.355 million. Opening a long position in oil at this time is certainly not advisable.