What to know:
- A trader named Loracle closed his short position in oil futures early Wednesday and walked away with $2 million in profit.
- Oil prices tanked over 15% on U.S.-Iran ceasefire.
- Hyperliquid-listed oil contracts have registered billions in trading volume, outpacing ether futures.
A large cryptocurrency investor made a substantial profit Wednesday morning when news of a potential U.S.-Iran ceasefire caused oil prices to plummet.
Last week, a trader known as “Loracle” made a bet that the price of crude oil would fall by shorting $5 million worth of oil futures on Hyperliquid. When the price of oil dropped more than 15% to below $100 a barrel on Wednesday, Loracle closed out the trade, earning a profit of $2 million, according to Arkham Intelligence.
As of today, Loracle holds over $8 million worth of cryptocurrency, including popular coins like USDT, USDC, and Ethereum.
Decentralized platforms like Hyperliquid are enabling crypto traders to potentially earn significant profits, similar to the huge gains seen during the 2020-21 memecoin boom that made some traders very wealthy.
Following recent market volatility, Hyperliquid has become a popular choice for crypto traders looking to trade traditional assets, particularly during weekends when standard markets are unavailable.
Trading activity on Hyperliquid shows that WTI crude oil perpetual futures saw $2.45 billion in volume over the last 24 hours, surpassing the volume of ether (ETH) perpetuals. Ether is the second-largest cryptocurrency by market value, with Bitcoin leading the way. Brent oil came in fourth place with $1.3 billion in trading volume.
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2026-04-08 11:51