Whale Holds $5 Million On-Chain WTI Crude Oil Short Position, Potentially Betting on Non-Closure of the Strait of Hormuz

BlockBeats News, March 3rd, according to HyperInsight monitoring, in the past half an hour, a whale with an address starting with 0xf4b recently opened its first on-chain large-scale commodity trade, targeting WTI crude oil futures. Currently, the whale has taken a 20x leveraged short position on the CL (WTI Crude Oil Perpetual Contract), with a position size of $5.09 million. The average entry price is $72.5, and the liquidation price is set at $76.5.

As the chokepoint of global energy transportation, the real-time status of the Strait of Hormuz is a key factor affecting oil prices. This morning, an Iranian single source claimed to have completely closed the strait, causing WTI oil prices to temporarily spike to around $73. Subsequently, the U.S. publicly responded, stating that monitoring data shows that the strait remains open to navigation and there are no signs of a physical blockade.

The holder of this address's position is betting that the U.S. statement will be validated, causing the oil price to partially give back gains; however, if there is another substantial maritime friction or confirmation of Iranian news later on, this address may face partial liquidation due to the very narrow liquidation price of $76.5.