Crypto traders executed over $500 million in synthetic oil futures on decentralized exchange Hyperliquid over the weekend, capitalizing on volatility from Iran's closure and reopening of the Strait of Hormuz. Bitcoin climbed to $78,000 late Friday after news of the strait's reopening, triggering $762 million in liquidations across 168,336 traders, with $593 million on the short side representing a massive short squeeze. Iran then reversed course less than 24 hours later, broadcasting the strait was closed again with reports of gunfire at vessels, while crude oil had initially dropped nearly 10% to $85.90 per barrel on reopening news. Separately, RaveDAO's RAVE token collapsed 90% from a $27.33 peak to $1.15, wiping out over $5 billion in market cap amid allegations that 90% of supply was held in three team-linked wallets, prompting investigations by Binance and Bitget.
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