Key Takeaways:
The largest on-chain holder of tokenized West Texas Intermediate crude oil has increased their long position by depositing an additional $11.94 million in USDC to Hyperliquid, bringing their total bet on the asset to approximately $41.49 million.
The transaction, identified through on-chain analysis, shows a significant accumulation in a wallet known for its large positions in tokenized commodities. The funds were added to the decentralized perpetuals exchange Hyperliquid, which runs on the Arbitrum network, and used to expand an existing long on its WTIOIL-PERP. The whale now holds 383,000 CL units.
This bullish move stands in sharp contrast to other large traders on the same platform. Another whale recently opened an $11 million notional short position on a synthetic Brent crude oil derivative, betting on a price decline ahead of the Federal Reserve's April 29 FOMC meeting. With March's Consumer Price Index hitting a two-year high of 3.3 percent, the Fed is widely expected to hold rates steady, creating uncertainty for commodity prices.
The whale’s long position, however, aligns with a major strategic shift occurring in the global energy market. As the war in Iran creates instability in the Middle East, energy majors are increasingly turning to Canada as a safer jurisdiction for investment. Shell recently announced a $16.4 billion deal to acquire ARC Resources, a Canadian natural gas producer, a move that has put other Canadian firms like Tourmaline Oil in the spotlight for potential takeovers. This pivot suggests a long-term bullish outlook for North American energy assets, a macro trend this crypto whale appears to be betting on.
This article is for informational purposes only and does not constitute investment advice.
