IEA Reserve Release Plan Fails to Cap Oil Prices, On-chain Whales Buy the Dip on WTI Crude After News settles

BlockBeats News, March 12th, according to Hyperinsight monitoring, international oil prices continued to rise, with WTI crude oil up by about 7% to $93.3 per barrel and Brent crude up over 7.4% to $98.8 per barrel. Hyperliquid witnessed a synchronous increase in the price of CL (WTI crude oil), currently at $92.1, with a 24-hour increase of 10%.

Despite the IEA's SPR release plan, it failed to effectively suppress oil prices. On-chain data shows that after the news landed, among the 9 whales with new CL positions of over a million dollars, 8 chose to chase the long side. Meanwhile, although the funding rate has somewhat converged, it still remains negative, indicating an overall bearish sentiment in the market.

Furthermore, monitoring data shows that the address starting with 0x863b opened long positions yesterday at an average price of $85.3 at 8 a.m., with the current position size around $4.32 million and an unrealized profit of $320,000. In addition, after the announcement of the G7 leaders' conference call yesterday, four whales entered positions (with opening prices concentrated in the $83 to $84 range), most of whom have now closed their positions to take profits.