Oil trader takes $17 million hit as tokenized crude rivals bitcoin liquidations
Brent crude futures on Hyperliquid recorded $46.6 million in liquidations, behind only ether and bitcoin. The single largest liquidation was a $17.17 million oil position.
What to know:
- Tokenized Brent oil futures on the Hyperliquid exchange drove $46.6 million of about $403 million in total liquidations over 24 hours, ranking behind only ether and bitcoin.
- The largest single liquidation was a $17.17 million Brent oil position on Hyperliquid, marking the second time in under a month that oil led individual liquidations on a crypto venue.
- Liquidations surged after former President Donald J. Trump vowed to hit Iran “extremely hard,” sparking a sharp jump in Brent crude and broad losses for traders who were long crypto and short oil.
The single largest liquidation across all assets was a $17.17 million Brent oil position on Hyperliquid, not a bitcoin or ether trade. That is the second time in under 30 days that oil has produced the largest individual liquidation on a crypto venue.
The BRENTOIL-USDC contract on Hyperliquid traded at $107.19, up roughly 2% on the day, with $977 million in 24-hour volume and $515 million in open interest. For context, that open interest figure is larger than many mid-cap crypto tokens’ entire market capitalization.
The liquidations were triggered by Trump’s national address, which promised to hit Iran “extremely hard” rather than offering the de-escalation that had fueled a two-day rally. Brent crude jumped 5% to above $106 on traditional markets.
