A trader known as Loracle exited a bearish oil position early Wednesday, locking in roughly $2 million in profit as crude prices tumbled on U.S.–Iran ceasefire news.
The crypto whale had opened a $5 million short in crude oil perpetual futures on Hyperliquid last week. As prices dropped more than 15% to below $100 per barrel following the ceasefire announcement, Loracle closed the position, securing the gains, according to Arkham Intelligence.
Data shows the trader’s broader crypto portfolio—spanning stablecoins like USDT and USDC alongside ETH and other assets—now exceeds $8 million.
The trade highlights how decentralized platforms such as Hyperliquid are increasingly enabling crypto-native traders to capitalize on moves in traditional markets. The trend echoes the wealth generation seen during the 2020–21 memecoin boom, which produced a wave of high-risk, high-reward traders.
Recent geopolitical volatility has further cemented Hyperliquid’s role as a preferred venue for round-the-clock trading of traditional assets, particularly during weekends when legacy markets remain closed.
Activity data underscores the shift. Perpetual futures tied to West Texas Intermediate recorded $2.45 billion in trading volume over the past 24 hours, surpassing those linked to ether. Bitcoin continues to dominate volumes overall, while Brent Crude ranks fourth with $1.3 billion in turnover.
