Hyperliquid liquidated the remaining 56,667 ETH long across two accounts on November 8, but only 27.6% closed through the order book. The other 72.4%, roughly 41,044 ETH, passed to backstop liquidators taking over the positions. The original accounts are flat; most of their exposure changed hands rather than disappeared. Whether the new holders retain, hedge or unwind it determines the next market impact. Account liquidation is not the same as completed market selling. //zero illusion
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