Flow

bullish

Rune

Arkham

Hyperliquid

Crypto whales and large funds have split on their oil predictions. As Brent oil hovered around $102, crypto traders used their 24/7 market to place bets on a directional move.&nbsp;
Crypto whales moved into oil in March, as commodities became one of the hottest markets on Hyperliquid. Arkham identified several large-scale wallets, setting up two major camps with long and short positions on oil.&nbsp;
Those positions may reflect short-term sentiment or the possibility of the market reacting to immediate news about supply shocks or the normalization of deliveries. Hyperliquid allows traders to benefit even from those short-term price moves.&nbsp;
<h3 id="span-which-crypto-whales-are-going-long-on-oil-span">Which crypto whales are going long on oil?&nbsp;</h3>
Cumberland, one of the long-running crypto market makers, has built a $15.56M Brent long position and a $12.5M long on the WTI contract on Trade[.]XYZ.&nbsp;
Rune Christensen has longed Brent for $6.65M, with $1M for WTI. Flow Traders hold a $3M long position on WTI, and Cookerflips has opened a $1.9M long position on WTI.&nbsp;
In total, Brent open interest is over $475M, with $323M for the WTI CL contract. For the past two weeks, the contracts have taken up the lead in terms of open interest on HIP-3. Commodities have slowed down their trading activity in the past few days from the peak on March 23, with $4.5B in volumes, but the market remains responsive to changing oil supply conditions.&nbsp;
<h3 id="span-which-whales-are-shorting-oil-span">Which whales are shorting oil?</h3>
As Cryptopolitan <a href="https://www.cryptopolitan.com/abraxas-capital-shorts-brent-oil-hyperliquid/" rel="noopener noreferrer nofollow">reported</a> earlier, Abraxas Capital built one of the biggest short positions on both Brent and WTI oil in the past week. Abraxas Capital retained $130M in open positions, shorting the two most active contracts.&nbsp;
The second-biggest position belongs to CBB0FE, with $14.7M short on Brent and $12.8M on WTI. Yixie has a $5M short position on WTI, and Locarle shorted Brent for $4.86M.
Overall, HIP-3 makes 22.8% of Hyperliquid activity, down from a recent spike to 47.7%. HIP-3 is no longer growing exponentially after the initial hype, but remains a key arena of directional bets.
For now, the bets on an oil downturn are the more active positions, potentially expecting a resolution of the Strait of Hormuz situation.
The <a href="https://www.cryptopolitan.com/global-oil-markets-crash-brent-wti/" rel="noopener noreferrer nofollow">Brent</a> and WTI markets rallied recently, and have not caught up with the cumulative volumes of silver and gold. To date, silver is the most successful HIP-3 contract, with over $39B in cumulative trades.&nbsp;
Gold comes in second with $27.9B. WTI oil recently broke above $16B, after becoming the first contract to rally. Brent has so far traded $6B on HIP-3, as traders switched to the benchmark oil brand only in the past week or two. The presence of some of the biggest crypto funds and market makers shows HIP-3 had a lasting effect on the market, with the potential for copy-trading and compensating for the slower token trading.&nbsp;
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Crypto whales divided: who’s bullish or bearish on oil?

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