A crypto trader known as ‘Loracle’ secured a substantial profit early on Wednesday following the announcement of a U.S.-Iran ceasefire, which caused oil prices to plummet. Last week, Loracle had taken a short position worth $5 million in crude oil perpetual futures through Hyperliquid. When oil prices dropped over 15% below $100 per barrel at the start of Wednesday, Loracle closed out the bet and gained $2 million, according to Arkham Intelligence.
Loracle’s cryptocurrency portfolio, which includes USDT, USDC, ETH, among others, is valued at over $8 million currently. This instance highlights how decentralized platforms like Hyperliquid are enabling crypto traders to earn significant profits similar to those seen during the memecoin boom of 2020-21 that produced degen millionaires.
The recent conflict has positioned Hyperliquid as a preferred platform for crypto enthusiasts to trade traditional assets, particularly over weekends when conventional markets are inactive. Recent activity data from Hyperliquid indicates that WTI crude oil perpetual futures achieved $2.45 billion in trading volume within the last 24 hours, surpassing those linked to ether (ETH), which is the second-largest cryptocurrency by market value. Bitcoin maintains the top position, while Brent oil is fourth with a $1.3 billion trading volume.