I saw crude oil jump sharply when Iran’s situation changed suddenly over the weekend. The news said it rose by nearly 30%, but it looks like traders on Hyperliquid really felt that move.

There was a large-scale liquidation in crude oil futures contracts, and it seems especially people holding short positions took a hit. The CL-USDC contract surged to the $114s, and I think many traders incurred losses of more than $30,000 within 24 hours. According to Coinglass data, short liquidations totaling about $36.9 million occurred on Hyperliquid alone.

I was reminded once again that crypto market crude oil contracts can be useful in times like this. During Saturday night, when the traditional commodities market is closed, being able to trade 24 hours a day is a major advantage. In fact, trading volume also reached $570 million, so there is likely plenty of liquidity.

Across the broader crypto market, over the past 24 hours, more than 94,000 people were liquidated, and total losses exceeded $360 million. With Bitcoin and Ethereum being heavily sold, geopolitical risk is what’s driving people to buy crude oil. Long liquidations were $215 million and shorts were $149 million—showing that risk assets overall are being sold off.

On the other hand, there was also talk that SpaceX hasn’t increased its Bitcoin holdings. It seems 2025 brought a loss, but holding more than 8,000 BTC could be one indicator of how large companies view digital assets.