BlockBeats News, June 23rd, according to OnchainLens monitoring, a newly created wallet opened a long position of about $500,000 on CL. The position has now accumulated over $2.5 million in unrealized losses, and the account is only about $2 away from being liquidated.

The position is on the verge of liquidation under extremely narrow price fluctuations, representing a typical high-leverage high-risk position. A slight price drop can trigger a full liquidation. In the current market volatility environment, such "near liquidation positions" often lead to cascading liquidations.